India’s ED arrests Naresh Goyal, founder of country’s once biggest private airline Jet Airways

The veteran was arrested in a case that was related to an alleged money-laundering case worth Rs 5.38 billion linked to Canara Bank, a public lender.

• Shubham
• 02 September, 2023

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By: Shubham Ghosh

THE Enforcement Directorate (ED), India’s financial crime-fighting agency, on Friday (2) confirmed the arrest of Naresh Goyal, founder of the now-defunct Jet Airways, in a case related to an alleged money-laundering case worth Rs 5.38 billion (£51.6 million) linked to Canara Bank, an Indian public-sector lender.

Local media reports added that Goyal, 74, was taken into custody under the Prevention of Money Laundering Act, after a long interrogation at the ED’s office in Mumbai, India’s financial capital.

In May, Canara Bank had filed a complaint against the airline, Goyal, his wife and a former director of the carrier for “causing wrongful loss” to it.

Jet, which was once India’s biggest private airline, ran out of cash more than four years ago and filed for bankruptcy. It was supposed to resume operations under its new owners last year. But it got deadlocked with creditors over the resolution plan to lift it out of bankruptcy.