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Mumbai: In a significant development in the Jet Airways financial irregularities case, the Enforcement Directorate (ED) has estimated a whopping Rs 5,716 crore of public funds as the total proceeds of crime against the airline's founder, Naresh Goyal, and his wife. The central investigative agency is probing allegations of money laundering and financial misconduct related to the now-defunct airline.
Based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) on a complaint by Canara Bank, which alleged a wrongful loss of Rs 538 crore, the ED has restricted the proceeds of crime to this amount in the current chargesheet. Canara Bank’s complaint has laid the groundwork for a comprehensive investigation into the financial dealings of Jet Airways under Goyal’s leadership.
In an official statement, the ED highlighted the complex nature of the case, pointing out that money laundering is a continuous offence with extensive cross-border ramifications. The agency emphasized its commitment to unraveling the full extent of the financial irregularities, stating that the investigation is ongoing and further evidence against the accused, or any other individuals implicated, is expected to be uncovered.
The ED has also sought the court’s permission to file supplementary or additional prosecution complaints as the case progresses, ensuring that all aspects of the alleged financial misconduct are thoroughly examined.
Naresh Goyal, once a towering figure in the Indian aviation sector, founded Jet Airways in 1992. The airline rapidly grew to become one of India's premier carriers, but it ran into severe financial turbulence in the late 2010s, eventually ceasing operations in April 2019. The case against Goyal and his wife marks a dramatic fall from grace for the former aviation mogul and has sent shockwaves through the industry.
The implications of this investigation are significant, as it reflects the Indian government's stern approach to tackling financial irregularities and corruption. As the ED continues its probe, the nation awaits to see how this high-profile case unfolds and what it means for the future of corporate governance and financial integrity in India.
