Key Points
The Enforcement Directorate (ED) on Wednesday said it has attached in London, Dubai and India assets worth Rs 538 crore of Jet Airways founder Naresh Goyal, his family members and companies as part of a money laundering investigation linked to an alleged bank loan fraud.. The attached properties include 17 residential flats, bungalows, and commercial premises...
Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jet Air Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the federal agency said in a statement...
According to the banks complaint, JIL, its promoters and directors committed offences of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct, resulting in a massive non-performing asset of Rs 538.62 crore, the ED said.. JIL siphoned off the loans from a consortium of banks led by SBI and PNB, and Naresh Goyal implemented a massive financial fraud in which the funds of JIL were systematically diverted in the garb of irrational and inflated General Sales Agent (GSA) commissions, large unexplained payouts to various professionals and consultants, by granting of loans to JetLite Limited, and subsequently writing off the loans by making provisions in the balance sheets, the agency alleged...
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