19 hrs ago
Naresh Goyal Seeks Discharge as CBI Chargesheet Remains Pending
Naresh Goyal used to lead Jet Airways.
Investigators say money borrowed by the airline may have been used improperly, including for personal purposes.
The Central Bureau of Investigation opened a case in May 2023 but has not yet filed a chargesheet.
Goyal says this means the basic crime needed for the money-laundering case has not been established.
He denies taking the loan money and says Jet Airways struggled because of low-cost-airline competition and higher fuel prices.
The Enforcement Directorate disagrees and says the investigation can continue.
It alleges that company money was moved into offshore trusts and related-party accounts through inflated expenses.
Goyal was arrested in 2023 and later received bail for medical reasons.
Naresh Goyal has sought discharge from the Enforcement Directorate’s money-laundering case linked to Jet Airways.
The Central Bureau of Investigation has not filed a chargesheet three years after its May 3, 2023 FIR.
Goyal denies siphoning Canara Bank loans and says no predicate offence has been established.
The Enforcement Directorate opposes discharge, calling Goyal Jet Airways’ “ultimate controlling mind.”
Goyal was arrested in September 2023, received medical bail in 2024, and continues to cite health problems.
- Who
- Naresh Goyal, Jet Airways’ founder and former non-executive chairman, along with the Central Bureau of Investigation and Enforcement Directorate.
- What
- Goyal has sought discharge from the Enforcement Directorate’s money-laundering case concerning an alleged Rs 538.62-crore loan-siphoning matter.
- Where
- The alleged transactions involved properties or accounts connected with India, London, Dubai and offshore locations; the cases are being pursued in India.
- When
- The Central Bureau of Investigation filed its FIR on May 3, 2023; Goyal was arrested in September 2023 and granted bail in 2024.
- Why
- Goyal argues that no predicate offence or proceeds of crime has been established, while the Enforcement Directorate alleges that corporate assets were diverted for personal benefit.
Naresh Goyal’s Position
Enforcement Directorate’s Position
Effect of the pending chargesheet
Naresh Goyal’s Position
Goyal argues that the Central Bureau of Investigation’s failure to file a chargesheet means no valid predicate offence or proceeds of crime has been established, so the money-laundering case should not continue.
Enforcement Directorate’s Position
The Enforcement Directorate says the absence of a chargesheet is not a valid ground for discharge and notes that the Central Bureau of Investigation has not given Goyal a clean chit.
Use of Canara Bank loans
Naresh Goyal’s Position
Goyal denies siphoning the loans and says much of the Rs 538.62-crore facility consisted of letters of credit paid directly to vendors, oil companies and airport operators.
Enforcement Directorate’s Position
The Enforcement Directorate alleges that funds were used for Goyal’s personal benefit through inflated expenses presented as legitimate airline operating costs.
Responsibility for Jet Airways’ financial problems
Naresh Goyal’s Position
Goyal attributes the airline’s financial difficulties to factors beyond his control, including competition from low-cost airlines and increased aviation-fuel prices.
Enforcement Directorate’s Position
The Enforcement Directorate calls Goyal the “ultimate controlling mind” and alleges a calculated diversion of corporate assets into offshore trusts and related-party accounts.
Key facts
- Alleged loan facility
- Rs 538.62 crore from Canara Bank
- CBI FIR
- Filed on May 3, 2023, following a complaint by Canara Bank
- Chargesheet status
- No chargesheet had been filed three years after the FIR, according to Goyal’s plea
- Non-fund-based amount
- Goyal says Rs 365.57 crore was issued through letters of credit paid directly to vendors, oil companies and airport operators
- Goyal’s arrest and bail
- Arrested by the Enforcement Directorate in September 2023 and granted bail on medical grounds in 2024
- Jet Airways operations
- Suspended in 2019, with staff members losing their jobs
- Liquidation and assets
- Liquidation proceedings were ordered in 2024; Goyal’s plea says asset sales could realise more than Rs 3,500 crore for debt repayment
Quotes
Enforcement Directorate
Indian agency opposing Goyal’s discharge plea
“The CBI is yet conducting the investigation with regards to the FIR since the last three years and has not come to any conclusion that the applicant has committed any crime and the funds in the present offence is actually the proceeds of crime. First, a predicate offence must exist, CBI has so far not disclosed valid predicate offence”
indianexpress.com
indianexpress.com
“The actions of the accused strike at the very foundation of the nation’s financial health, demonstrating a calculated bleeding of corporate assets into offshore trusts and related-party accounts under the guise of legitimate business expenditures,”
indianexpress.com
indianexpress.com
Sources
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