Canara Bank fraud: Jet Airways founder Naresh Goyal sent to 14-day judicial custody

Jet Airways founder Naresh Goyal, who was arrested in the case of defrauding Canara Bank of Rs 538 crore and transferring illegal funds, was sent to judicial custody for a period of 14 days by the PMLA court on Thursday.

The Enforcement Directorate (ED) arrested Goyal under the Prevention of Money Laundering Act (PMLA) on September 1 after a lengthy interrogation at the central agency’s office in Mumbai.

Goyal was produced before the court at the end of ED remand on Thursday. The court sent Goyal to judicial custody as the investigating agency did not seek any further remand. The court granted Goyal’s plea that he should be sent to Arthur Road Jail in South Mumbai.

Goyal was arrested on September 1 by the Enforcement Directorate (ED) officials under the PMLA Act. He was produced before PMLA Special Court Judge MG Deshpande on Thursday.

Later, if they are suffering from various medical problems, they should be allowed to undergo universal health check-up by family and expert doctors. Goyal petitioned to provide regular medical facilities.

”Suffering from cardiac disease, he underwent surgery at the Asian Heart Institute. This problem is serious and can be life-threatening. There are non-hypertension and diabetes problems.

The court directed the counsel for E.D. to file a reply on this petition.

Naresh Goyal Case

By creating various trusts and using them to buy properties, Goyal syphoned off money from India to foreign countries. According to the investigation agency, Goyal had defrauded the state-owned Canara Bank of ₹538 crore.

A money laundering case has been registered by the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company officials are in connection with the ₹ 538 crore Canara Bank fraud case. The FIR was filed on the complaint of the government’s creditors alleging that it had sanctioned credit limits and loans amounting to ₹848.86 crore to Jet Airways (India) Ltd. Out of which ₹538.62 crore is outstanding.

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