Jet Airways founder Naresh Goyal has been ordered into 14-day judicial custody by a court in a money laundering case related to an alleged Rs 538 crore fraud at Canara Bank.
The Enforcement Directorate (ED) took Goyal into custody on September 1, acting under the Prevention of Money Laundering Act (PMLA), following an extensive interrogation at the central agency’s headquarters.
Following the conclusion of his ED remand, the 74-year-old entrepreneur appeared before the court, and as the investigating agency did not request any further remand, the court decided to place him in judicial custody.
The money laundering case stems from a Central Bureau of Investigation (CBI) First Information Report (FIR) filed against Jet Airways, Naresh Goyal, his wife Anita, and some former company executives from the now-defunct private airline. The FIR was initiated based on a complaint from Canara Bank, which alleged the sanctioning of credit limits and loans totaling Rs 848.86 crore to Jet Airways (India) Ltd, with Rs 538.62 crore still outstanding.