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Jet Airways Defrauding Case: Naresh Goyal Questioned By ED

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Naresh Goyal, the founder of Jet Airways, is being questioned several hours by the Enforcement Directorate (ED) in Mumbai for allegedly defrauding Canara Bank of ₹538 crore. The ED officials are inquiring about alleged account irregularities, the diversion of a portion of the loan amount to related companies as commission, and money laundering. They are also asking about seized documents related to funds transactions.

The Enforcement Directorate conducted searches in July 2023 at eight locations in Mumbai and Delhi as part of a money laundering case worth ₹538 crore. This case involves Naresh Goyal and others. The Central Bureau of Investigation (CBI) is already investigating a case against Goyal. The ED’s money laundering case is based on an FIR filed by the CBI, which accuses Goyal and others of defrauding Canara Bank of ₹538 crore.

CBI filed charges against Naresh Goyal

FIR filed by the Central Bureau of Investigation (CBI) against Goyal on complaint of Canara Bank chief general manager, recovery and legal section, alleging criminal conspiracy, criminal breach of trust and criminal misconduct causing the bank a wrongful loss of ₹538.62 crore.

According to Canara Bank, they had sanctioned a credit limit facility to Jet Airways, but the airline defrauded the bank of ₹538.62 crore. The bank alleges that it had provided credit limits and loans amounting to ₹848.86 crore to Jet Airways, with ₹538.62 crore outstanding. The airline diverted a portion of the loan to related companies as commissions.

A forensic audit of the company revealed fraudulent transactions involving fund diversion from the loan amount. Expenses listed as paid commissions to related companies actually included costs related to the Goyal family and other individuals involved in the scam. The airline had reported spending ₹11,152.62 crore on professional and consultancy expenses, with ₹197.57 crore of those transactions deemed suspicious during the investigation into the company’s financial records from April 1, 2011, to June 30, 2019. These entities had turnovers similar to the expense amounts recorded by Jet Airways under the guise of professional and consultancy expenses.

Jet Airways dealing with Canara Bank since 2005

According to the complaint, Jet Airways (India) Ltd (JIL)promoted by Tail Winds Ltd, an overseas company owned by Goyal and his associates, had been dealing with Canara Bank since 2005 and since August 2018 claiming liquidity and operational issues, the accounts turned NPA in 2019.

A forensic audit conducted by EY revealed that JIL had paid ₹1,410.41 crore to related parties of total commission expenses. The expenses of general selling agents (GSA) were paid by JIL amounting to ₹403.27 crore, which was not in tune with the GSA agreement.

The complaint also alleges that funds were allegedly siphoned off through Jet Lite (India) Ltd (JLL), a subsidiary, by way of making advance and investing and subsequently writing off of the same by making provision.

Funds to the tune of ₹2,547.83 crore were allegedly transferred by JIL to JLL as loan but were never paid back. Over ₹400 crore were allegedly siphoned off through payments made to professional and consultancy expenses.

Crime

Mumbai: RPF Cracks Down On Fake ‘Tantrik’ Posters Across Suburban Railway Network, Seizes 22,000 Illegal Ads

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Mumbai: In a major crackdown on fraudulent advertisements inside Mumbai’s suburban railway network, the Railway Protection Force (RPF) of Western Railway’s Mumbai Division intensified its campaign against fake ‘tantriks’ and ‘vashikaran babas,’ whose posters had been illegally plastered across local trains and platforms. On October 14, an accused and his two accomplice were arrested with more than 22,000 posters.

According to an official, posters, often promising supernatural fixes to personal, health, and financial issues, have not only misled commuters but also defaced railway property.

Following a spate of complaints received via social media and the Rail Madad portal, Senior Divisional Security Commissioner Santosh Kumar Singh Rathod formed a special enforcement team. The drive gained momentum under the leadership of Sub-Inspector Santosh Soni.

“On October 14, acting on a tip-off, Soni and his team apprehended Abdul Samad, son of Irshad Khan, red-handed while he was pasting such posters inside a stationary local train at Platform No. 2 of Andheri station. Over 600 posters were recovered from his possession at the scene” further added official.

During interrogation, Samad disclosed the whereabouts of the main culprits — a self-styled so called godman and his accomplice — who were later arrested from their hideout in Mira Road. A subsequent search led to the seizure of an additional 22,000 posters. All three individuals, along with the confiscated materials, were handed over to the RPF post at Andheri for further legal proceedings.

“This is part of an ongoing operation to cleanse the railway premises of illegal and misleading advertisements,” said an RPF official. “The actions are aimed at curbing fraudulent practices and improving the aesthetics and safety of local trains.”

In just the past month, RPF teams have nabbed 29 offenders caught red-handed while putting up such posters. A total of 49,100 posters have been seized during this period, and fines amounting to Rs 13,000 have been imposed by the court.

This drive follows a similar operation conducted in May 2025, during which 53 offenders were booked, and 37,400 posters were confiscated. That campaign led to penalties totaling Rs 26,500.

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Crime

SC stays Karnataka High Court order nullifying Congress MLA’s election

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New Delhi, Oct 14: The Supreme Court on Tuesday stayed a decision of the Karnataka High Court that had nullified the election of Congress MLA K.Y. Nanjegowda from the Malur Assembly constituency in the 2023 polls.

However, a Bench of Justices Surya Kant and Joymala Bagchi did not interfere with the direction to the Election Commission of India (ECI) regarding recounting of votes but ordered the poll body to keep the revised results in a sealed cover.

“Issue notice. In the meantime, the operation of the impugned order of the Karnataka High Court, to the extent it set aside the election of the appellant (Nanjegowda), shall remain stayed. Resultantly, the appellant shall continue as the elected Member of the Legislative Assembly,” ordered the Justice Kant-led Bench.

However, the ECI is directed to comply with the directions to the extent of recounting of votes and submit the result in a sealed cover, and the recounting results shall not be disclosed without the permission of the Supreme Court, it added.

In an order passed on September 16, the Karnataka High Court had nullified Nanjegowda’s election but granted him 30-day timeline to file an appeal before the Supreme Court. If the apex court does not give any relief, the Congress legislator will lose his seat, clarified a bench of Justice R. Devdas, while pronouncing the verdict on a petition filed by the defeated BJP candidate K.S. Manjunath Gowda.

Manjunath Gowda has moved the Karnataka High Court, seeking a recount of votes polled in the Assembly elections, as the margin between him and Nanjegowda was just 248.

The BJP candidate had claimed that counting officials called him on the phone and said that he had won the elections. But later, it was announced that the Congress candidate had won by a margin of 248 votes. Hence, he had moved the Karnataka HC, seeking a recount of the votes polled.

The election petition was presented under Section 81 of the Representation of the People’s Act, 1951, and Rule 4 of the Karnataka Election Petition Rules.

Manjunath Gowda has prayed the Karnataka High Court to call for records, documents, videos, computers, including the one where the rejection order was drafted, and all further material and data regarding the election, including the Electronic Voting Machines (EVMs) and the postal ballots, the videography and computations relating to elections, and to hold them in custody.

The petition further demanded to set aside the election of Nanjegowda on the grounds mentioned under Section 100 (1) (d), (i), (ii), (iii) and (iv) as enumerated therein and to declare him as the elected candidate from the Malur constituency.

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Crime

Two petitions filed at Calcutta HC in Durgapur gang-rape case

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Kolkata, Oct 14: Two parallel petitions have been filed at Calcutta High Court on Tuesday in the gang-rape case of a tribal medical student in Durgapur of West Bengal’s West Burdwan district.

On one hand, the West Bengal unit of the BJP has filed a petition to carry out its protest demonstration near the private medical college till October 19. On the other hand, the authorities of the said private medical college have approached the Calcutta High Court seeking the removal of gatherings of people in front of the college premises, considering that the examinations are being conducted there.

Both the petitions have been filed at the single-judge bench of Justice Shampa Dutt (Paul). The matter is likely to come up for hearing in the second half in the later part of the day.

Altogether five people have been arrested in connection with the gang-rape of the Dalit medical student. The confidential statement of the victim is scheduled to be recorded in front of a judicial magistrate later in the day.

The victim’s parents have already claimed they will take their daughter back to Odisha soon after her confidential statements are recorded.

On Monday, Odisha Chief Minister Mohan Charan Majhi spoke to the victim girl, who is still admitted at the hospital. Even the victim expressed a desire to go back to her native state and continue with her medical studies there.

The Odisha Chief Minister had already claimed that his government will take all the steps to ensure the culprits in the case are given due punishment.

Recently, the Chief Minister Mamata Banerjee attracted criticisms after she advised women not to go outside at night amid the Durgapur incident. The Chief Minister also created controversy, claiming that the woman stepped out of the college premises at 12.30 a.m.

Her statement was contradicted by the college authorities claiming that they left the premises at around 8 p.m. on October 10 after signing the register and taking permission.

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