The ED seized Rs 538 crore in assets belonging to Jet Airways founder Naresh Goyal, his family, and others. The Enforcement Directorate (ED) charged a money laundering case against Jet Airways. They have seized properties worth Rs 538.05 crore.
Mr. Goyal and his family members own residential flats, bungalows, and commercial premises in the associated properties.
The connected properties consist of 17 residential flats, bungalows, and commercial buildings registered in the names of various corporations and individuals. Some of the associated properties are in London, Dubai, and several Indian states in the names of JIL founder Naresh Goyal, his wife Anita Goyal, and his son Nivaan Goyal.
During the investigation, the ED discovered that JIL stole loans from a consortium of banks led by SBI, which included Canara Bank and PNB. Goyal perpetrated a massive financial fraud. Including large unresolved payouts to various professionals and consultants, granting loans to JetLite Limited (100% subsidiary to acquire Air Sahara), and then writing off the Idans through provisions in the balance sheets.
Jet Airways LLC Dubai (JIL’s Global GSA) and JIL improperly paid for these GSAS operational expenditures. Naresh Goyal beneficially owned all of these GSAs. As a result, JIL’s management followed Naresh Goyal’s lead and continued to pay large quantities of money regularly. Even though these firms were not rendering any significant service after 2009, Naresh Goyal and his family used the money received for personal purposes and investments.
There are Rs 538.62 crore outstanding. The CBI filed a cheating case against Naresh Goyal, his wife Anita, and others in May 2023. On May 5, Goyal’s office in Mumbai was searched in seven different locations. His associates’ homes were also raided. The ED then registered a money laundering case on July 19.