Naresh Goyal, the founder of the now-defunct Jet Airways, was sent to Arthur Road jail in Mumbai on September 16, 2023, in connection with a ₹538-crore loan fraud case. Goyal was arrested by the Enforcement Directorate (ED) on September 1, 2023, under the Prevention of Money Laundering Act (PMLA).
The ED has alleged that Goyal and Jet Airways defrauded Canara Bank of ₹538 crore by diverting loans for personal use. The agency has also alleged that Goyal created various trusts and used them to buy properties in India and overseas.
Goyal’s arrest is the latest development in the ongoing investigation into the collapse of Jet Airways. The airline ceased operations in April 2019 after failing to repay its debts.
Goyal was produced before a special PMLA court on September 16, 2023, where he was remanded to judicial custody for 14 days. He was sent to Arthur Road jail, which is one of the largest prisons in India.
Goyal’s arrest is a major blow to his reputation as one of India’s most successful entrepreneurs. He is also a former Member of Parliament and the recipient of the Padma Bhushan award.
The loan fraud case against Goyal is a significant development in the fight against corruption in India. It is a reminder that no one is above the law, even those who are wealthy and influential.
Conclusion
The loan fraud case against Naresh Goyal is a reminder that no one is above the law, even those who are wealthy and influential. It is also a significant development in the fight against corruption in India.
