New Delhi: The Enforcement Directorate (ED) claimed on Saturday that Jet Airways founder Naresh Goyal incurred questionable and personal expenses totaling Rs 1,000 crore from bank-loan funds while the airline "diverted" money to some tax havens. Goyal was arrested in a money-laundering case.
The federal investigation agency escorted Goyal, age 74, from Delhi to their Mumbai office late on Friday night. On Saturday, he was remanded to the custody of the ED until September 11 by a special court established to hear cases filed under the Prevention of Money Laundering Act (PMLA).
According to a statement released by the agency, Goyal's group, Jet Airways (India) Limited (JIL), had Rs 5,951.46 crore in non-performing assets (NPAs), with the State Bank of India (SBI) holding the largest share (Rs 1,636.23 crore) among the consortium of nine banks that had exposure to the company and its promoters.—Inputs from Agencies