CBI searches at premises of Jet Airways founder Naresh Goyal in connection with Rs. 538 cr fraud case

New Delhi, May 6

The Central Bureau of Investigation (CBI) searched seven locations, including the residence and office of Jet Airways founder Natesh Goyal connection with an alleged Rs 538-crore fraud case in Canara Bank.

The searches also included office of wife Anita, and former airline director Gaurang Ananda Shetty in Mumbai. 

The oCBI jas registered a case of fraud raud against Naresh Goyal, wife Anita and Shetty on May 3.

The Jet Airways (India) Ltd was dealing with Canara Bank since 2005, and all the exposures to the accused company are under State Bank of India (SBI)-led consortium arrangements.

As per the bank’s complaint, when Goyal’s companies started defaulting on repayment of loans availed from the consortium, the bank roped in a forensic auditor that thoroughly scrutinised all the transactions and documentations processed between April 1, 2011 and June 19, 2019. The forensic audit report was submitted on February 10, 2021 and pointed out “glaring irregularities”.

The forensic audit report found fraudulent features like diversion and siphoning of funds by the accused companies. The alleged diversion and siphoning of funds were related to commission expenses and personal expenses such as salaries of staff, phone expenses, vehicle expenses etc. of Goyal family paid by Jet Airways (India) Ltd., the complaint mentioned. 

The accused’s account was declared as fraud and reported to RBI on July 29, 2021 for Rs 728.66 crore for the exposure of Canara Bank and e-Syndicate Bank together out of which Rs 538.62 crore pertain to Canara Bank and Rs 190.04 crore pertain to erstwhile Syndicate Bank. 

The CBI has booked Goyal and others under for cheating, criminal conspiracy, criminal breach of trust by an agent person, and corruption by public servant (who could be bank officials) under the IPC.