New Delhi:

Jet Airways founder Naresh Goyal has been arrested by the Enforcement Directorate (ED) in an alleged Rs 538 crore cash laundering case linked to Canara Bank, sources stated.

Mr Goyal was taken into custody underneath the Prevention of Money Laundering Act (PMLA), following a protracted session of questioning on the ED’s workplace in Mumbai.

Mr Goyal, 74, might be produced earlier than a particular PMLA courtroom in Mumbai on Saturday, the place the ED will search his custodial remand.

The cash laundering case stems from a primary info report (FIR) of the Central Bureau of Investigation (CBI) towards Jet Airways, Mr Goyal, his spouse Anita and a few former firm executives in reference to an alleged Rs 538 crore fraud case at Canara Bank.

The FIR was filed on the financial institution’s grievance that alleged it sanctioned credit score limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore, of which Rs 538.62 crore is excellent.

The CBI had stated the account was declared “fraud” in July 2021. The financial institution alleged the forensic audit of JIL confirmed it paid “related companies” Rs 1,410.41 crore out of a complete fee bills, thus siphoning off funds from JIL.

The FIR stated private bills comparable to salaries of workers, telephone payments and automobile bills, amongst others, of the Goyal household have been paid by JIL.

It surfaced in the course of the forensic audit that funds have been additionally siphoned off by way of Jet Lite (India) Ltd (JLL) by making advance and investing and subsequently writing off the identical by making provisions.

JIL allegedly diverted the funds for the subsidiary JLL within the type of loans and advances and investments prolonged.