The founder of Jet Airways, Naresh Goyal, will remain in custody until September 14 as the investigation into a bank fraud case continues. This decision was reached during a hearing at a Mumbai court today.
Goyal, who co-founded the now-defunct airline in 1992, has been under investigation by India’s Enforcement Directorate (ED) over alleged financial irregularities and money laundering related to Jet Airways. The ED had sought an extension of his custody, citing the need for further questioning and evidence collection.
The court’s decision to extend Goyal’s custody comes after he was initially taken into custody on August 20, following his arrival from an overseas trip. The ED has been probing the financial transactions and operations of Jet Airways, which ceased operations in April 2019 due to severe financial difficulties.
In a statement, the Enforcement Directorate said, “We are actively pursuing leads and gathering evidence to establish the alleged financial misconduct and fraud that led to the downfall of Jet Airways. Mr. Naresh Goyal’s continued custody is essential for a thorough and impartial investigation.”
Goyal’s legal team has maintained his innocence throughout the proceedings and argued for his release on bail. However, the court has upheld the ED’s request, highlighting the seriousness of the allegations and the need for a comprehensive investigation.
Jet Airways, once one of India’s largest private airlines, faced financial turbulence in its later years, leading to a suspension of operations and ultimately bankruptcy. The ED’s investigation aims to determine whether financial misconduct and fraudulent activities played a role in the company’s downfall.
As the case unfolds, it continues to draw public attention and scrutiny, given the significant impact Jet Airways’ collapse had on the aviation industry and its employees.
The next hearing in the case is scheduled for September 14, where further developments are expected.
Summary:
- Naresh Goyal, founder of Jet Airways, to remain in custody until September 14 in a bank fraud case.
- India’s Enforcement Directorate (ED) is investigating alleged financial irregularities and money laundering related to Jet Airways.
- The ED cited the need for further questioning and evidence collection as grounds for the custody extension.
- Goyal’s legal team maintains his innocence, while the court upholds the ED’s request for custody extension.
- The investigation aims to determine if financial misconduct and fraudulent activities contributed to Jet Airways’ downfall.
- The next hearing in the case is scheduled for September 14 for further developments
