Jet Airways Properties Worth ₹ 538 Crore Seized In Money Laundering Case

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The Enforcement Directorate (ED) has seized properties worth over ₹500 crore linked to now defunct Jet Airways and its founder Naresh Goyal in an alleged money laundering case.

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The seized assets include 17 residential flats, bungalows and commercial buildings located in metro cities in India as well as prime locations like London and Dubai. Many properties are registered under names of Naresh Goyal, his wife Anita Goyal, son Nivaan Goyal and Jet Airways group companies.

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This seizure is related to investigations into a complaint filed by Canara Bank alleging loan defaults worth ₹848 crore by Jet Airways, of which ₹538 crore is still outstanding.

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The ED claims Naresh Goyal siphoned off loan funds through trusts set up in foreign countries which were used to purchase these properties. Apart from real estate, loans were also allegedly diverted to purchase furniture, apparel and jewelry.

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Naresh Goyal was earlier arrested by the ED in this money laundering case and is currently lodged in Arthur Road Jail, Mumbai. The agency has now filed chargesheet against him and 5 others based on Canara Bank's complaint.

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The probe agency states that creating foreign trusts to buy assets is nothing but a money laundering tactic by Naresh Goyal, violating India's foreign exchange and regulatory laws.

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This massive seizure of assets highlights the financial troubles and serious allegations of financial misconduct surrounding Jet Airways and its founder Naresh Goyal since its collapse.

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