New Delhi: The Enforcement Directorate, a government agency responsible for enforcing economic laws in India, has taken action against properties valued at ₹538.05 crore that are linked to Jet Airways and the Naresh Goyal family. These actions were taken under the Prevention of Money Laundering Act, 2002. The Enforcement Directorate has seized 17 residential and commercial properties that belong to several companies and individuals, including Naresh Goyal, his wife Anita Goyal, and their son Nivaan Goyal. These properties are located in London, Dubai, and various parts of India.
The properties that have been attached include 17 residential flats and bungalows, as well as commercial premises registered under different company names and individuals. These include companies such as M/s Jetair Private Limited, M/s Jet Enterprises Private Limited, and individuals like Naresh Goyal, his wife Mrs. Anita Goyal, and son Nivaan Goyal. These properties are located in London, Dubai, and various states in India, according to a statement released by the agency.
The Enforcement Directorate initiated this investigation into money laundering following an FIR (First Information Report) filed by the Central Bureau of Investigation (CBI). The FIR was based on a complaint by Canara Bank, a public sector bank. Canara Bank had accused Jet Airways (India) Limited (JIL), its promoters, and directors of cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct.
The Enforcement Directorate, in its release, stated that their investigation has revealed that JIL diverted the loans granted by a consortium of banks led by State Bank of India (SBI) and Punjab National Bank (PNB). They accused Naresh Goyal of diverting these funds for personal use.
According to the Enforcement Directorate, Naresh Goyal implemented a significant financial fraud in which the funds of JIL were systematically diverted through inflated General Sales Agent (GSA) commissions and large unexplained payouts to professionals and consultants. This was done by granting loans to JetLite Limited, a subsidiary of JIL created to acquire Air Sahara, and later writing off these loans by making provisions in the balance sheets.
The investigation found that GSA commissions were wrongly paid to entities like Jet Air Private Limited and Jet Airways LLC Dubai, which were beneficially owned by Naresh Goyal. The agency accused Naresh Goyal and his family of using these funds for personal expenses and investments.
The Enforcement Directorate arrested Naresh Goyal on September 1 under the Prevention of Money Laundering Act. Subsequently, they filed a charge sheet against him on Tuesday. Currently, he is in judicial custody and is held at the Arthur Road Jail in Mumbai.
Canara Bank alleged that it had granted credit limits and loans to Jet Airways (India) Ltd (JIL) totaling ₹848.86 crore, of which ₹538.62 crore remained outstanding. The Enforcement Directorate also claimed that Naresh Goyal had created various trusts abroad and used them to purchase immovable properties both in India and overseas.
News By: Aero Hub India
Also Read: https://aerohubindia.com/air-indias-new-airbus-a350-900-completes-successful-engine-tests/
