Jet Airways Founder Naresh Goyal Sent To ED Custody Till Sept. 11 For Bank Fraud Case

Goyal was arrested in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank.

<div class="paragraphs"><p>File photo of  Jet Airways founder Naresh Goyal.&nbsp;(Photo: Reuters)</p></div>
File photo of Jet Airways founder Naresh Goyal. (Photo: Reuters)

A special PMLA court on Saturday remanded Jet Airways founder Naresh Goyal in the Enforcement Directorate's custody till Sept. 11 in an alleged case of fraud of Rs 538 crore, registered on a complaint filed by Canara Bank.

Goyal, 74, was arrested by the Central agency on Friday night under the Prevention of Money Laundering Act following a long session of questioning at its office here.

He was produced before the court on Saturday. The money laundering case stems from a First Information Report registered by the Central Bureau of Investigation against Jet Airways, Goyal, his wife Anita and some former executives of his defunct airline.

The FIR was registered on the bank's complaint alleging that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore, of which Rs 538.62 crore is outstanding. JIL diverted funds to its subsidiaries, it alleged.

ED Arrests Jet Airways Founder Naresh Goyal In Bank Fraud Case