Jet Airways Founder Naresh Goyal Granted Bail in Money Laundering Case
The Bombay High Court on Monday granted bail to Jet Airways founder Naresh Goyal for two months on medical grounds. He will have to furnish a bond of ₹1 lakh and will not be able to leave Mumbai. Goyal had been arrested in September by the Enforcement Directorate (ED) in a money laundering case.
Goyal had sought bail on medical and humanitarian grounds to provide medical treatment for himself and his wife, Anita Goyal, who both have cancer. The Bombay High Court had kept its decision reserved during the hearing on Monday. The ED had opposed bail. It was also stated that his hospitalization could be extended for a month.
Naresh Goyal’s Court Appearance and Health Status
Jet Airways founder Naresh Goyal appeared in a special court on January 6. He had told the court that he has lost hope in life. His health deteriorated significantly. He said, “It is better to die in jail.” Naresh Goyal folded his hands.
In September 2023, Goyal was arrested.
In September 2023, the ED arrested Goyal in a ₹538 crore money laundering case with Kanera Bank. In November 2023, the ED also arrested Goyal’s wife, Anita. However, based on their age and health, the court granted them interim bail.
Naresh Goyal’s Appearance in Special Court
On January 6, Goyal appeared in a special court in Mumbai. He told the court that he has lost hope in life. “My health has deteriorated significantly. It’s better to die in jail. I miss my wife a lot. She is in the last stage of cancer.”
“Naresh’s wife has only a few months left,” said their lawyer Harish Salve. In a hearing held three months ago, Goyal had sought bail on medical grounds because he and his wife, Anita Goyal, are cancer patients. In February, the special court had denied them bail but allowed for treatment. Later, Goyal had applied to the High Court.
Understand the Entire Matter in Three Points:
- Jet Airways had received a credit limit and a loan of ₹848.86 crore, of which ₹538.62 crore remains unpaid. This account was declared as a non-performing asset on July 29, 2021.
- On May 5, CBI conducted searches at seven locations, including Goyal’s office in Mumbai. Raids were also conducted at the residences of Naresh Goyal, his wife Anita, and former Jet Airways director Gaurang Shetty.
- Based on the FIR filed by the CBI, the ED registered a case of money laundering on July 19. After that, the ED raided the homes of Goyal and his associates and conducted searches.
Bank Accusation – Non-Compliance of Norms
Kanera Bank was accused of transferring ₹1,410.41 crore to its associated companies, as found in Jet Airways’ forensic audit. The money was transferred from the company’s accounts for earning interest.
Goyal Family’s Personal Expenses – All Borne by Jet Airways
All personal expenses of the Goyal family, including staff salaries, phone bills, and vehicle expenses, were borne by Jet Airways. Naresh Goyal founded Jet Airways in 1993. He resigned as the airline’s chairman in 2019.
Jet Airways Ceases Operations Since April 2019
Jet Airways was once India’s largest private airline and held the status of the largest private airline in South Asia’s countries. Subsequently, due to financial issues, Jet Airways was grounded (operation ceased) on April 17, 2019.
This Consortium: Murari Lal Jalan and Kalrock Capital
This consortium comprises Murari Lal Jalan, a Dubai-based businessman, and Kalrock Capital, a London-based global firm specializing in financial advisory and alternative asset management.
Jalan-Kalrock Won Bid for Jet Airways
In June 2021, the Jalan-Kalrock consortium won the bid for Jet Airways under the resolution process of the National Company Law Tribunal (NCLT). Since then, the process of reviving Jet Airways has been underway, but the airline has not resumed operations yet.
This Consortium: Murari Lal Jalan and Kalrock Capital
This consortium comprises Murari Lal Jalan, a Dubai-based businessman, and Kalrock Capital, a London-based global firm specializing in financial advisory and alternative asset management.
