ED attaches Rs 538-cr assets of Jet Airways founder chairman Naresh Goyal
Directorate of Enforcement (ED) has provisionally attached properties worth Rs 538.05 crore under the provisions of Prevention of Money Laundering Act (PMLA) 2002 in the money laundering investigation against Jet Airways. The attached properties include 17 residential flats/bungalows and commercial premises belonging to founder chairman of Jet Airways Naresh Goyal and family, Jetair Private Limited and Jet Enterprises Private Limited. These properties are situated in London, Dubai and various states of India.
ED initiated investigation on the basis of FIR registered by CBI on the basis of a written complaint submitted by Canara Bank alleging therein offences of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct committed by Jet Airways and its promoter and directors, resulting in a massive NPA of Rs. 538.62 crore.
 ED investigation revealed that Jet Airways siphoned off the loans from consortium of banks led by SBI and PNB. Naresh Goyal implemented a massive financial fraud in which the funds of the airline were systematically diverted in the garb of irrational & inflated General Sales Agent (GSA) commissions, large unexplained payouts to various professionals and consultants, by granting of loans to Jet Lite Limited (100% subsidiary to acquire Air Sahara), and subsequently writing off the loans by making provisions in the balance sheets.
ED investigation established that GSA commissions were wrongfully paid to Jet Air Private Limited (GSA of Jet Airways), Jet Airways LLC Dubai (Global GSA of Jet Airways). All these GSAs were beneficially owned by Naresh Goyal. Hence, the management of the airline 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 & his family for their personal expenses and investments.
Earlier, ED had conducted searches and survey at the premises linked to Naresh Goyal, Chartered Accountants of JIL and others. ED arrested Naresh Goyal on 1 September 2023 and he is presently in Judicial Custody. ED has filed a prosecution complaint before the Special PMLA Court on 31 October 2023. Further investigation is under progress.
