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The Enforcement Directorate (ED) has sought custody of Jet Airways founder Naresh Goyal, alleging that the Goyal family diverted a portion of the loans intended for the airline's operational use for personal expenses. Among the alleged misuses, the ED revealed that Mr. Goyal and his wife used these funds to purchase furniture and jewelry. Furthermore, it was disclosed that ₹1,152 crore was spent on consulting fees, and the company lent ₹2,500 crore to its sister entity, Jet Lite (India) Ltd, before forgiving the loan.

Allegations and Legal Action

The ED, acting on a first information report filed by Canara Bank, which was part of the consortium of banks involved, asserted that Mr. Goyal misused his position as Chairman of Jet Airways. He allegedly authorized expenditures without board approval and diverted money to overseas-owned companies. These actions, according to the agency, occurred between 2011 and 2019. The court remanded Mr. Goyal in ED custody until September 11, following the agency's request for a 14-day custody period.

Escalating Legal Proceedings and Goyal's Arrest

3The legal proceedings surrounding Naresh Goyal have intensified as the ED delves into the alleged financial irregularities involving Jet Airways. Mr. Goyal's arrest on Friday came after he was summoned twice in August but failed to appear before the agency. The ED aims to trace the flow of funds and investigate the alleged financial misconduct, making a case for the necessity of Goyal's extended custody for questioning and further inquiry.