ED Attaches Rs. 538 Crore in Assets of Jet Founder
Naresh Goyal in Money Laundering Case

Los Angeles, Nov 1, 2023
NRIpress.club/Ramesh/ A.Gary Singh

The Enforcement Directorate (ED) has seized properties worth a staggering Rs 538.05 crore as part of an ongoing money laundering investigation into Jet Airways. The seized properties include 17 residential flats, bungalows, and commercial premises, all linked to the founder of Jet Airways, Naresh Goyal, and his family members. These properties are located in London, Dubai, and various cities across India.

They are registered in the names of various companies, including Jetair Private Limited and Jet Enterprises Private Limited, as well as in the names of Naresh Goyal, his wife Anita, and their son Nivaan, according to a statement by the federal agency. Goyal, 74, was arrested by the ED on September 1 and the agency filed a charge sheet against him on Tuesday before a special Prevention of Money Laundering Act (PMLA) court in Mumbai.

In an official statement, the ED said, “Directorate of Enforcement has provisionally attached properties worth Rs 538.05 Crore under the provisions of Prevention of Money Laundering Act (PMLA) 2002 in the money laundering investigation against Jet Airways (India) Limited (JIL).” The ED has alleged that Goyal masterminded an extensive financial fraud scheme, systematically diverting JIL’s funds through inflated General Sales Agent (GSA) commissions and substantial, unexplained payouts to professionals and consultants. Additionally, loans were granted to JetLite Ltd, a 100% subsidiary of JIL, for the acquisition of Air Sahara. Subsequently, these loans were written off through provisions in the balance sheets.