Naresh Goyal booked Rs 1,000 crore personal expenses in Co. name: ED

The Enforcement Directorate, which arrested ex-Chairman of Jet Airways Naresh Goyal on 1 September 2023, has said that Goyal and his family have siphoned off thousands of crores of banks funds and transferred them to overseas entities based in Dubai, Ireland and other tax haven countries including British Virgin Islands. The ED in a statement has said that Goyal and his family booked dubious expenses to the tune of Rs 1,000 crore in the name of the company.

Naresh Goyal was arrested by ED on 1 September 2023 on the charges of causing losses to the tune of Rs 538 crore to Canara Bank. The arrest followed ED investigation on the basis of FIR registered by CBI against Jet Airways, Naresh Goyal and others.

In the FIR, it has been alleged that Naresh Goyal in connivance with the other accused persons cheated Canara Bank by siphoning off bank funds with the help of its subsidiaries by showing bogus expenses, and illegally diverting the loan proceeds as indicated by the EY’s Forensic Audit Reports.

The Enforcement directorate had conducted searches on 19 July 2023 at multiple locations, including chartered accountants and consultants to whom large payments had been made by Jet Airways over the years and which were red flagged in the forensic audit reports.

According to the ED, it has collected large number of incriminating documents. Naresh Goyal was summoned on two occasions, but failed to appear before ED.

Jet Airways has allegedly diverted funds to overseas entities based in Dubai, Ireland and other tax haven countries including British Virgin Islands, in the garb of General Selling Agents commission, which was paid to related parties and the entities connected to Naresh Goyal and his associates.

Naresh Goyal was produced before the PMLA Special Court, Mumbai, and the Court has granted ED custody for 10 days.

Total NPA of Jet Airways:

Also Read: Jalan Kalrock Consortium deposits ₹100 crore in Jet Airways