ED arrests Jet Airways founder Naresh Goyal for Rs 538 crore bank fraud

Naresh Goyal

New Delhi: Jet Airways (India) Limited founder Naresh Goyal was arrested by the Enforcement Directorate (ED) last Friday for a money laundering case related to a bank fraud of Rs 538 crore. He will be produced in a special court under the Prevention of Money Laundering Act (PMLA) today, Saturday, September 2. He is 74 years old.

Goyal was questioned by the ED in Mumbai last Friday after he failed to appear twice before. The case is based on an FIR filed by the Central Bureau of Investigation (CBI) in May 2023. The FIR also names Goyal’s wife Anita, former Jet Airways director Gaurang Anand Shetty, and some others as accused.

Naresh Goyal

Jet Airways, which was founded by Goyal, had stopped flying since 2019 due to heavy debt. However, on July 31 last month, the Directorate General of Civil Aviation (DGCA) gave permission for Jet Airways to resume operations. The airline was declared bankrupt by the National Company Law Tribunal (NCLT) in June 2019.