ED seized assets worth Rs 538 crore of Naresh Goyal in bank fraud case

New Delhi: The Enforcement Directorate (ED) has taken significant action against Jet Airways founder Naresh Goyal and five others in a bank fraud case. In this instance, the ED has confiscated property worth 538 crore. The ED had already filed a charge sheet against Naresh Goyal and the other accused on October 31. This case involves a Rs 538 crore fraud at Canara Bank. In this case, the ED detained Naresh Goyal on September 1. He is currently in judicial custody and lodged in Arthur Road Jail in Mumbai.

According to an ED statement, action has been taken against M/s Jet Airways (India) Limited (JIL) in accordance with the provisions of the Prevention of Money Laundering Act (PMLA) of 2002. In this case, assets worth Rs 538.05 crore have been temporarily attached. The attached assets consist of 17 residential flats, or bungalows, and commercial campuses named after different companies and individuals.

Apart from Naresh Goyal, the ED has also charged Goyal's wife, Anita Goyal, and son, Nivan Goyal. The ED has taken this move in response to Canara Bank's written complaint. The CBI had filed a FIR in this matter.

The ED started an investigation on the basis of an FIR. In the FIR, allegations of fraud, criminal conspiracy, criminal breach of trust and criminal misconduct by M/s Canara Bank were made.ED investigation revealed that Jet Airways (India) Limited misappropriated loans taken from banks led by SBI and PNB.Naresh Goyal committed financial fraud on a large scale.Jet Airways' balance sheet was tampered with and loans were written off by making provisions.