Indian authorities seize $65 mln of property in Jet Airways fraud case

Jet Airways (India)

01/11/2023 13:41

BENGALURU, Nov 1 (Reuters) - India's financial crime
agency has seized properties worth 5.38 billion rupees (nearly
$65 million) as part of its probe into money laundering
allegations against the now-defunct Jet Airways  JET.NS  and
founder Naresh Goyal, the agency said on Wednesday.
    The Enforcement Directorate (ED) said it has seized 17
residential and commercial properties in London, Dubai and India
that were registered in the names of various companies and
people, including Goyal, his wife and son.
    Goyal has been in judicial custody since September when the
ED arrested him in relation to the money laundering that was
filed by state lender Canara Bank  CNBK.NS  in May.
    Jet Airways had siphoned off loans from a consortium of
banks led by State Bank of India  SBI.NS  and Punjab National
Bank  PNBK.NS , the ED said. 
    The agency doubled down on its claim that under Goyal's
leadership, the airline had siphoned off funds under the garb of
professional and consultancy fees to overseas entities and
towards the expenses of Goyal and his family members.
    "Naresh Goyal implemented a massive financial fraud," it
said on Wednesday.
    Goyal's lawyer told Reuters, "We are going through the
charge sheet and are currently evaluating our options."
    Goyal founded Jet Airways in 1992 and led it to become
India's second-largest carrier in India by market share. It shut
down operations in April 2019 after running out of cash.
 
 ($1 = 83.2615 Indian rupees)

 (Reporting by Indranil Sarkar in Bengaluru; Editing by Savio
D'Souza)
 ((Indranil.Sarkar@thomsonreuters.com; Mobile:  +91
7022132226;))