The Enforcement Directorate (ED) has conducted searched against Jet Airways founder Naresh Goyal and raided several premises in Mumbai and other locations
The investigation is part of a fresh money-laundering case being pursued under the Prevention of Money Laundering Act (PMLA).
The action comes after the Central Bureau of Investigation filed an FIR against Goyal, his wife Anita, and some former Jet Airways executives over an alleged ₹ 538-crore fraud at Canara Bank.
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The origins of the money-laundering case traced back to a recent FIR lodged by the CBI, which led to the ED’s involvement.
The Bombay High Court had quashed an earlier ED money-laundering case against Goyal and his wife.
The court found the previous proceedings to be “illegal and contrary” to the law, based on the closure report filed by the police.
The closure report noted the complaint from Akbar Travels, which had triggered the initial ED case, lacked substance and appeared to be a civil dispute.
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The CBI’s current FIR is grounded in Canara Bank’s complaint, claiming Jet Airways Limited (JIL) received substantial credit limits and loans of ₹ 848.86 crore, of which ₹ 538.62 crore remained outstanding.
The CBI declared the bank account “fraud” on July 29, 2021.
A forensic audit of JIL found it had disbursed ₹ 1,410.41 crore to “related companies” under the guise of commission expenses, essentially siphoning off funds.
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The complaint filed as part of the CBI FIR outlined several irregularities.
For instance, JIL paid expenses amounting to ₹ 403.27 crore, meant to be borne by General Selling Agents (GSA).
Moreover, the personal expenses of the Goyal family, including staff salaries, phone bills, and vehicle expenses, were allegedly paid by JIL.
The audit also uncovered instances of fund diversion through Jet Lite Limited (JLL) via advance payments, investments, and subsequent write-offs, facilitated by making provisions.
