Key Developments:
- The Enforcement Directorate (ED) has taken provisional action by attaching assets worth Rs 538.05 crore in connection with an alleged money laundering case involving Jet Airways (India) Ltd.
- The attached properties encompass 17 residential flats and bungalows, along with commercial premises registered in the names of various individuals and entities, including Jet Airways founder Naresh Goyal, his wife Mrs. Anita Goyal, son Nivaan Goyal, Jetair Private Limited, and Jet Enterprises Private Limited. These assets are located in London, Dubai, and various Indian states.
- This action follows ED’s submission of a prosecution complaint (chargesheet) against Naresh Goyal on Tuesday, who had been arrested in September. He is accused of money laundering related to a loan provided to the airline.
Background: The ED initiated this case based on an FIR filed by the Central Bureau of Investigation (CBI) in May, following a complaint made by Canara Bank in November 2022. The complaint alleged that the loan extended for the operational activities of the airline had been diverted for personal expenses. This accusation by the bank stemmed from a forensic audit conducted by an external audit firm, covering the period from 2011 to 2019.
Although Canara Bank declared the loan as a non-performing asset (NPA) in 2019, the ED contends that the loan amount, totaling Rs 538 crore, represents proceeds of criminal activity that had been misappropriated and diverted. The loan had been granted by a consortium of banks to facilitate the operations of Jet Airways (India) Ltd.
The ED’s proactive steps to attach assets align with their ongoing investigation into the alleged money laundering case surrounding Jet Airways and its key figures, including Naresh Goyal. These measures are part of the broader effort to address financial irregularities and prevent further misuse of funds.
