Tuesday, July 23, 2024

ED attaches properties worth Rs 538 cr of Jet Airways founder Naresh Goyal, family, various companies in bank fraud money laundering case

In a massive action, the Enforcement Directorate (ED) on Wednesday said that it has attached properties worth Rs 538 crore of now defunct Jet Airways founder Chairman Naresh Goyal, his wife Anita Goyal, and son Nivaan Goyal situated in London, Dubai and various states of India and various other companies in a bank fraud money laundering case.

The action comes a day after the ED filed a charge sheet in the Canara Bank’s Rs 538 crore fraud case naming the Goyal couple, and four other companies.

The ED, in a statement, said that it has attached properties worth Rs 538.05 crore under the provisions of Prevention of Money Laundering Act, 2002 in the money laundering investigation against Jet Airways (India) Ltd (JIL).

“The attached properties include 17 residential flats and bungalows and commercial premises in the name of various companies and persons, viz Jetair Private Ltd, Jet Enterprises Private Ltd, founder Chairman of Jet Airways (India) Ltd (JIL) Naresh Goyal, his wife Anita Goyal, son Nivaan Goyal, situated in London, Dubai and various states of India,” the ED said.

The ED probe revealed that JIL siphoned off the loans from consortium of banks led by the SBI and the PNB.

“Naresh Goyal implemented a massive financial fraud in which the funds of JIL were systematically diverted in the garb of irrational and inflated General Sales Agent (GSA) commissions, large unexplained payouts to various professionals and consultants, by granting of loans to JetLite Ltd (100 per cent subsidiary to acquire Air Sahara), and subsequently writing off the loans by making provisions in the balance sheets,” the agency alleged.

It said that its probe has established that GSA commissions were wrongfully paid to Jet Air Private Ltd (GSA of JIL for India), Jet Airways LLC Dubai (Global GSA of JIL) and JIL wrongfully paid for the operational expenses of these GSAs.

“All these GSAs were beneficially owned by Naresh Goyal. Hence, the management of JIL toed the line of Naresh Goyal, and kept on paying large sums of money on regular basis despite the fact that these entities were not performing any substantial service after 2009. The funds so received were again used by Naresh Goyal and his family for their personal expenses and investments,” the ED said.

Earlier, the financial probe agency had conducted searches and survey at the premises linked to Goyal, the chartered accountants of JIL and others.

The ED arrested Goyal on September 1 and he is presently in judicial custody. The ED had filed a charge sheet before the Special Court (PMLA) on October 31. Its case is based on the FIR registered by CBI, BS&FB, Delhi on the basis of a written complaint submitted by Canara Bank, Mumbai, alleging therein offences of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct committed by JIL and its promoter and directors which resulted in a massive NPA of Rs 538.62 crore.

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