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ED seizes Naresh Goyal, the founder of Jet, and others’ assets worth Rs 538 crore from London and Dubai

<p>As part of a money laundering inquiry connected to an alleged bank loan scam, the Enforcement Directorate said on Wednesday that it had attached assets worth Rs. 538 crore belonging to Jet Airways founder Naresh Goyal, his family, and firms in London, Dubai, and India.<img decoding=”async” class=”alignnone wp-image-262034″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-ed-seizes-naresh-goyal-the-founder-of-jet-and-others-assets-worth-rs-538-crore-fro.jpg” alt=”theindiaprint.com ed seizes naresh goyal the founder of jet and others assets worth rs 538 crore fro” width=”1359″ height=”905″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-ed-seizes-naresh-goyal-the-founder-of-jet-and-others-assets-worth-rs-538-crore-fro.jpg 650w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-ed-seizes-naresh-goyal-the-founder-of-jet-and-others-assets-worth-rs-538-crore-fro-150×100.jpg 150w” sizes=”(max-width: 1359px) 100vw, 1359px” title=”ED seizes Naresh Goyal, the founder of Jet, and others' assets worth Rs 538 crore from London and Dubai 6″></p>
<p>There are seventeen residential apartments, bungalows, and business spaces among the related properties.</p>
<p>The federal agency stated in a statement that these properties, which are situated in London, Dubai, and many Indian cities, are owned by a number of businesses, including Goyal, his wife Anita, and son Nivaan, as well as Jetair Private Limited and Jet Enterprises Private Limited.</p>
<p>The ED said that these assets are worth a total of Rs 538.05 crore.</p>
<p>The Enforcement Directorate (ED) detained Goyal, 74, on September 1. On Tuesday, the ED presented a charge sheet before a special Mumbai court under the Prevention of Money Laundering Act (PMLA).</p>
<p>He is being held in Mumbai’s Arthur Road prison under judicial custody.</p>
<p>Full-service airline Jet Airways ceased operations in April 2019 due to financial difficulties. Goyal later resigned from his position as the airline’s chairman.</p>
<p>The Central Bureau of Investigation (CBI) filed a formal complaint after Canara Bank in Mumbai filed one, which led to the start of the money laundering investigation against Goyal.</p>
<p>The bank’s case states that JIL, its directors, and promoters engaged in criminal misconduct, criminal conspiracy, criminal breach of trust, and cheating. As a consequence, the ED claimed that there was a “massive” non-performing asset (NPA) of Rs. 538.62 crore.</p>
<p>“Naresh Goyal executed a massive financial fraud in which the funds of JIL were systematically diverted in the guise of irrational and inflated General Sales Agent (GSA) commissions, large unexplained payouts to various professionals and consultants, by granting loans to JetLite Limited (a 100% subsidiary to acquire Air Sahara), and subsequently writing off the loans by making provisions in the balance sheets,” the agency claimed. “JIL siphoned off the loans from a consortium of banks led by SBI and PNB,” the agency said.</p>
<p>The Global GSA of JIL, Jet Airways LLC Dubai, and the GSA of JIL for India, Jet Air Private Limited, received GSA commissions “wrongfully.” Additionally, it claimed that JIL had “wrongfully” covered these GSAs’ operating costs.</p>
<p>According to the ED, Goyal “beneficially owned” each of these GSAs.</p>
<p>Therefore, it said, the JIL management followed Goyal’s lead and continued to pay considerable amounts of money on a monthly basis even though these firms had stopped providing any meaningful services after 2009.</p>
<p>According to the ED, Goyal and his family once again utilized the money they received for investments and personal needs.</p>
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