Jet Airways' property worth Rs 538 crore seized

Earlier on October 31, ED had filed a charge sheet against Naresh Goyal and other accused. This case is related to fraud (money laundering) of Rs 538 crore in Canara Bank. In this case, ED had arrested Naresh Goyal on September 1. He is currently imprisoned in Mumbai's Arthur Road Jail.

Understand the whole matter in points:

• Jet was given credit limits and loans worth Rs 848.86 crore, of which Rs 538.62 crore is outstanding. This account was declared 'fraud' on 29 July 2021.
• On May 5, CBI had searched 7 locations including Goyal's office in Mumbai. The houses of Naresh Goyal, Anita Goyal and Jet executive Gaurang Shetty were also raided.
• On the basis of CBI's FIR, ED registered a case of money laundering on July 19. Then ED also raided and searched the premises of Goyal and his associates.
• On September 1, ED arrested him in the money laundering case after questioning him in the Mumbai office. He is in judicial custody since then.

Bank's allegation - misappropriation of money
Canara Bank had alleged that the forensic audit of Jet Airways found that Jet transferred Rs 1,410.41 crore to its associated companies. This was done to withdraw money from the company's account.

The Goyal family's personal expenses - like staff salaries, phone bills and vehicle expenses - were all borne by Jet Airways. Goyal founded Jet Airways in 1993. In 2019, he left the post of chairman of the airline.

Jet Airways is closed since April 2019
Jet Airways was once one of the largest private airlines in India and had the status of the largest private airline in the South Asian nation. Then, due to debt burden, Jet Airways was grounded on 17 April 2019.

In June 2021, the Jalan-Kalrock consortium won the bid for Jet Airways under the bankruptcy resolution process of the National Company Law Tribunal (NCLT). Since then, the process of revival of Jet is going on, but till now the airline has not been started.

This consortium is a joint company of Murari Lal Jalan and Kalrock Capital. Jalan is a Dubai based businessman. Kalrock Capital Management Limited is a London based global firm working in the field of financial advisory and alternative asset management.

Naresh Goyal started Jet Airways
In the early 1990s, ticketing agent-turned-entrepreneur Naresh Goyal gave people an alternative to Air India by starting Jet Airways India Limited. At one time Jet had a total of 120 planes and was one of the leading airlines.

When the company with the tag line 'The Joy of Flying' was at its peak, it used to operate 650 flights every day. When the company closed, it was left with only 16 planes. By March 2019, the company's loss had reached Rs 5,535.75 crore.

Started career from maternal uncle's travel agency
In April 2019, after running for 25 years, Jet Airways was under heavy debt, after which the company was closed. Naresh Goyal was the founder of this company. Naresh Goyal's father died in his childhood. At the age of 11, due to financial crisis in his family, he had to auction his house. Then he started living with his mother's uncle.

Naresh started his career as a cashier in his maternal uncle's travel agency in 1967. His first salary was ₹300. After graduation, he joined the travel business with GSA for Lebanese International Airlines and started running a travel agency.