The attached properties include 17 residential flats-bungalows and commercial premises in the name of various companies and persons. Some of the attached properties are on names of JIL founder Naresh Goyal, his wife Anita Goyal and son Nivaan Goyal situated in London, Dubai and various states in India.
Jet Airways founder Naresh Goyal arrested by ED in Rs 538 crore Canara Bank fraud case
The ED had arrested Naresh Goyal in the money laundering case two months ago where he allegedly cheated Rs 538 crore Canara Bank loan and was taken into custody. On Tuesday, the ED had filed a chargesheet naming Goyal, his wife and others in the case.
During the investigation, the ED found that JIL siphoned off the loans from consortium of banks led by SBI, including Canara Bank, and PNB. Naresh Goyal implemented a massive financial fraud in which the funds of JIL were systematically diverted in the garb of irrational and inflated General Sales Agent (GSA) commissions, large unexplained payouts to various professionals and consultants, by granting of loans to JetLite Limited (100% subsidiary to acquire Air Sahara), and subsequently writing off the loans by making provisions in the balance sheets.
The ED investigation established that GSA commissions were wrongfully paid to Jet Air Private Limited (GSA of JIL for India), Jet Airways LLC Dubai (Global GSA of JIL) and JIL wrongfully paid for the operational expenses of these GSAs. All these GSAs were beneficially owned by Naresh Goyal.
Hence, the management of JIL toed the line of Naresh Goyal, and kept on paying large sums of money on regular basis despite the fact that these entities were not performing any substantial service after 2009. The funds so received were again used by Naresh Goyal & his family for their personal expenses and investments.