ED arrests Jet Airways founder Naresh Goyal

Jet Airways founder Naresh Goyal has been arrested by the Enforcement Directorate (ED) in an alleged Rs 538 crore money laundering case linked to Canara Bank. He was taken into custody under the Prevention of Money Laundering Act (PMLA) after a long session of questioning at ED office in Mumbai. Naresh Goyal will be produced before a special PMLA court in Mumbai on Saturday.Earlier, the ED conducted raids on Goyal, his wife Anita, and his associates in July 2020 after CBI registered an FIR against them based on the Canara bank's complain. According to the FIR, the bank alleged that it sanctioned credit limits and loans to Jet Airways to the tune of 848.86 crore rupees - out of which 538.62 crore rupees is outstanding. 
The CBI had said the account was declared "fraud" in July 2021. It has accused Jet Airways and its founders of siphoning funds. According to the agency, between April 1, 2011, and June 30, 2019, the airline was found to have spent Rs 1,152.62 crore on professional and consultancy expenses.Suspicious transactions to the tune of Rs 197.57 crore were identified among entities linked to the airline, with key managerial personnel also allegedly being connected to these entities. Even personal expenses, such as salaries of staff, phone bills and vehicle expenses, among others, of the Goyal family were paid by JIL, said the FIR. 
Jet Airways, once India's largest private carrier, suspended operations in April 2019 because of a severe cash crunch and mounting debt. The airline was acquired by a partnership between UAE-based businessman Murari Lal Jalan and London-based Kalrock Capital in June 2021, after a protracted insolvency process.