ED seizes Rs 538-cr properties linked to Jet Airways in money laundering case

The Enforcement Directorate has on Wednesday said it has attached properties worth Rs 538.05 crore linked to Jet Airways (India) Ltd and the Naresh Goyal family, under the Prevention of Money Laundering Act, 2002.

The attached properties include 17 residential flats, bungalows and commercial premises. Located in London, Dubai and various cities in India, these properties are in the name of various companies like Jetair Private Limited and Jet Enterprises Private Limited, Goyal, his wife Anita, and son Nivaan, the federal agency said in a statement.

"Directorate of Enforcement (ED) has provisionally attached properties worth Rs 538.05 Crore under the provisions of Prevention of Money Laundering Act (PMLA) 2002 in the money laundering investigation against Jet Airways (India) Limited (JIL). The attached properties include 17 residential flats/bungalows and commercial premises in the name of various companies and persons viz. Jetair Private Limited, Jet Enterprises Private Limited, founder Chairman of Jet Airways (India) Limited (JIL) Naresh Goyal, his wife Anita Goyal and son Nivaan Goyal situated in London, Dubai and various States of India," said ED in a statement. 

Goyal, 74, was arrested by the ED on September 1 and the agency filed a charge sheet against him on Tuesday before a special Prevention of Money Laundering Act (PMLA) court in Mumbai.

The money laundering case stems from the first information report (FIR) of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with the alleged fraud case.

The FIR was registered on the bank’s complaint, which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore, of which Rs 538.62 crore was outstanding.

Earlier, during his remand hearing, the investigation agency had said that the Jet Airways founder siphoned off money from India to abroad by creating various trusts in foreign countries.

The investigation revealed that the accused has created various Trusts abroad and through those trusts he purchased various immovable properties. The money for those trusts is nothing but the proceeds of crime (POC) siphoned off from India to abroad, it had said.

The ED said that their investigation further revealed that Goyal had purchased high value properties in Mumbai and subsequently sold the same. He also formed a web of the companies in India through which he has acquired a lot of immovable properties.

Citing an audit report, the ED has claimed that the loans availed by Jet Airways (India) Limited (JIL) were used for purchasing immovable assets such as furniture, apparel and jewellery.

Salaries of Goyals’ residential staff and operational expenses of a production company of his daughter were also paid from the accounts of JIL. 

With inputs from PTI