Jet Airways founder Naresh Goyal has been sent to the custody of the Enforcement Directorate till September 14 by the PMLA court in the bank fraud case.
He was produced before the special PMLA court at the end of his initial remand on Monday.
Jet Airways founder Naresh Goyal sent to further ED custody till 14th September, by PMLA Court. https://t.co/I3rVtBiVTj— ANI (@ANI) September 11, 2023
Goyal was arrested for allegedly defrauding a bank of Rs 538 crores.
The probe agency told the court that the maximum money siphoned off has been stacked in foreign accounts and a person in the United Arab Emirates (UAE) looks after it.
The ED arrested Goyal,74, under the Prevention of Money Laundering Act (PMLA) on September 1 after questioning him earlier that day.
The move follows the ongoing investigation by the Central Bureau of Investigation (CBI) against Goyal, his wife Anita and some former company executives in connection with the fraud case.
The CBI had filed an FIR regarding this in May this year on the basis of the Canara Bank’s complaint, alleging that it had sanctioned credit limits and loans to Jet Airways (India) Limited (JIL) of Rs 848.86 crore, of which an amount of Rs 538.62 crore is outstanding.