ED attaches Jet Airways’ assets worth Rs 538 crore in money laundering case

The Enforcement Directorate has seized properties worth over Rs 500 crore in an alleged money laundering case linked to Jet Airways (India) Ltd.

The properties include 17 residential flats, bungalows, and commercial buildings registered under the names of companies and people, including Jet Airways’ founder Naresh Goyal, wife Anita Goyal and son Nivaan Goyal in London, Dubai, and some states in India.

The central probe agency attached the properties worth at least Rs 538 crore under the Prevention of Money Laundering Act, or PMLA, 2002. Apart from the assets owned by the Goyals, some properties are registered under the names of Jetair Pvt Ltd, and Jet Enterprises Pvt Ltd.

The ED on Tuesday filed a chargesheet against Goyal and five others in the alleged fraud case filed by Canara Bank. The bank in the first information report (FIR) alleged it had sanctioned credit limits and loans to the now-grounded private airline up to Rs 848 crore, of which Rs 538 crore was outstanding.

Goyal was arrested by the ED on September 1 under the PMLA and is being kept in Mumbai’s Arthur Road jail.

The ED alleged the Jet Airways founder siphoned off money by creating trusts in other countries.

Goyal allegedly used those trusts to buy immovable properties. The money for those trusts is nothing but proceeds of crime, the ED said.

Citing an audit report, the ED said the loans taken by Jet Airways were used to buy furniture, apparel, and jewellery, apart from properties.