Jet Airways founder, Naresh Goyal, facing accusations of a Rs 538 crore fraud at Canara Bank, appeared in a Mumbai special court on Saturday, pleading with “folded hands.” He expressed having “lost every hope of life” and suggested that it would be “better if he dies in jail” than continuing to live in his current state.
The Enforcement Directorate (ED) had arrested Goyal in September 2023 for his alleged involvement in a bank fraud totaling Rs 538 crore. Currently, Goyal is in judicial custody at Mumbai’s Arthur Road jail.
Before special judge M G Deshpande, Goyal filed a bail application, seeking a few minutes for a personal hearing, which the judge granted. Goyal, visibly distressed with “continuous tremors in his whole body,” conveyed that his health is in a precarious state. He further explained that his wife Anita is bedridden, dealing with advanced-stage cancer, and their only daughter is also unwell, undergoing treatment.
Naresh Goyal’s Emotional Plea in Court
In court on Saturday, Jet Airways founder Naresh Goyal expressed his deep despair, stating that he feels life has lost all meaning. At 74, Goyal, arrested in September by the Enforcement Directorate for an alleged ₹538 crore fraud at Canara Bank, shared the emotional toll of his present circumstances. He revealed missing his wife Anita, who is battling advanced-stage cancer.
Goyal’s health is reported to be in a critical state, currently under judicial custody at Mumbai’s Arthur Road Jail. His wife is bedridden, and their daughter is also unwell, making the situation even more challenging for the family. The judge, noting Goyal’s trembling and need for assistance, highlighted the gravity of his physical and emotional condition in court records.
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Naresh Goyal Health Challenges
Goyal informed the court about experiencing intense pain during urination, occasionally accompanied by the passage of blood in urine. The businessman mentioned feeling significantly weakened, expressing doubt about the effectiveness of referring him to Mumbai’s JJ Hospital.
Why was Naresh Goyal arrested?
Last year on July 20, the Enforcement Directorate (ED) conducted raids on Naresh Goyal and his associates following an FIR filed by the Central Bureau of Investigation (CBI) against Jet Airways India Limited. The FIR implicated Naresh Goyal, his wife Anita, ex-company executive G Shetty, and unidentified public servants based on Canara Bank’s complaint.
According to the FIR, Canara Bank claimed to have granted credit limits and loans amounting to ₹848.86 crore to Jet Airways, with an outstanding balance of ₹538.62 crore. On July 29, 2021, the bank declared the account as ‘fraudulent.’
The bank’s forensic audit of Jet Airways revealed that the airline had disbursed ₹1,410.41 crore to “related companies” under commission expenses, diverting funds in the process.
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Naresh Goyal FAQs
Q.1. Why is Naresh Goyal facing accusations of a Rs 538 crore fraud at Canara Bank?
Ans. Naresh Goyal, the founder of Jet Airways, is accused of involvement in a bank fraud totaling Rs 538 crore at Canara Bank. The allegations stem from financial transactions and credit facilities granted to Jet Airways, as revealed in an FIR filed by the Central Bureau of Investigation (CBI).
Q.2. What led to Naresh Goyal’s arrest by the Enforcement Directorate (ED)?
Ans. Naresh Goyal was arrested by the Enforcement Directorate in September 2023 in connection with the alleged Rs 538 crore bank fraud. The arrest followed raids conducted on Goyal and his associates based on the FIR filed by the CBI.
Q.3. What is Naresh Goyal’s current legal status and whereabouts?
Ans. Naresh Goyal is currently in judicial custody at Mumbai’s Arthur Road jail. He appeared in a Mumbai special court to file a bail application, citing health concerns and personal circumstances. The court granted him a few minutes for a personal hearing.
Q.4. How is Naresh Goyal’s health impacting the legal proceedings?
Ans. Naresh Goyal has expressed significant distress about his health during court proceedings. He reported experiencing continuous tremors, intense pain during urination with occasional blood passage, and an overall weakened state. The court records highlight the gravity of his physical and emotional condition.
Q.5. What were the findings of the forensic audit of Jet Airways by Canara Bank?
Ans. Canara Bank’s forensic audit of Jet Airways revealed that the airline had disbursed ₹1,410.41 crore to “related companies” under commission expenses, diverting funds in the process. This was part of the allegations leading to the declaration of the account as ‘fraudulent’ on July 29, 2021, and subsequent legal actions against Naresh Goyal and others involved.
