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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

Mira-Bhayandar: Police Busts Illicit Liquor Brewing Den In Nallasopara

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Mira Bhayandar: Further tightening their screws against illicit liquor mafia ahead of the assembly elections scheduled to be held on 20, November, the Mira Road-based central crime branch unit attached to the Mira Bhayandar-Vasai (MBVV) police busted yet another massive illicit liquor brewing unit which was operating from a hillock in a dense jungle area in Nallasopara on Thursday.

Acting on a tip-off, a team led by assistant police inspector- Dattatray Sarak marched 2-kilometre-deep inside the jungle area located in the Dhaniv Baug area of Nallasopara (east) at around 8 am.

The team seized multiple barrels of hooch along with ingredients including 2,800 litres of fermented jaggery wash, 140 litres of liquor, chemicals and other manufacturing equipment collectively worth more than Rs. 1.42 lakh.

However, the den operator identified as- Prabhakar Bhoye and his employees managed to evade the police dragnet. The entire material and equipment were destroyed on the spot.

An offence under the relevant sections of the Maharashtra Prohibition Act-1949 for construction/works of any distillery or brewery and manufacturing intoxicants has been registered in this context at the Pelhar police station.

The consumption of illicit liquor which is unscientifically manufactured by using toxic chemicals like methanol and rectified spirit can cause deaths and other serious ailments including loss of eyesight. Further investigations were underway.

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Crime

Wildlife Smuggling Racket Busted: Rare Snakes, Reptiles, Caged Orangutan Rescued From Dombivli House

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Thane: In a significant operation exposing a wildlife smuggling racket, the Forest Officials rescued rare species of animals from a highrise in Dombivli. The officials raided an apartment in Palava City, Dombivli and found exotic animals including lizard, turtles, rare species snakes and other reptiles stored in the flat. Horrifying enough, the team found a monkey caged in the washroom of the apartment.

It was later confirmed that the rescued animals included Ignuana (lizard), an Orangutan and python. The operation was conducted by the Forest Range Officers from Thane and Kalyan along with a team from Manpada Police Station after a tip.

The officials did not find any accused present in the apartment at the time of the raid. A case under the Wildlife Protection Act 1972 has been registered and a search for the accused is underway. Meanwhile, the seized species are handed over to a local NGO on a temporary basis for observation.

The video of the forest officials raid surfaced on the internet shows a boy opening the door of the well-kept apartment. After entering the flat, the officials gradually come across wildlife species stores in small cage, plastic boxes piled up in the passage and shocking enough an Orangutan in washroom at the end of the apartment.

As per the statement issued by the police, the teams raided the 8th floor apartment in B wing of Savarna Building in Palava City, Dombivli. In the action, the exotic animals seized as prima facie identified as python, ignuana (lizard), turtle, snake etc. The seized wildlife species, on temporary basis, are handed over to Birsa Munda- a local NGO. The pachanama, documentation and search for the accused is underway, it added.

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Crime

Mumbai: Unidentified Body Of Man Chopped Into 7 Pieces Stuffed In Plastic Boxes Found Near Gorai Beach; Probe On

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Mumbai: The dismembered body of a man, estimated to be between 25 and 40 years old, was discovered in several plastic boxes on the side road which goes to Gorai Beach in Mumbai on Sunday.

Upon receiving the information, police arrived at the scene and took the body into custody. It was later sent for a post-mortem examination. The body has not yet been identified, and a case has been registered.

According to police, on Sunday, a male body was found near Picxy Hotel, Babar Pada, Gorai, Borivali West. The body was cut into seven parts and packed in four plastic boxes. The deceased, believed to be between 25 and 40 years old, was wearing dark blue jeans and black shoes. His right hand bore tattoos.

A resident named Santosh Shinde, 55, from Mira Road, informed the Gorai police after learning about the incident. The Gorai police recovered the body from Shefali village in the Babarpada area.

A forensic team is currently investigating the case, and inquiries are ongoing in the vicinity of the incident location. Police have stated that the recovered body remains unidentified. The Gorai police have registered a case, and further investigation is underway.

A special team has been formed to investigate, and information is being gathered from CCTV footage and nearby police stations to assist in identifying the body.

A police officer said that the body was sent to Bhagwati Hospital for a post-mortem. “We can’t conclude anything immediately, as we are still investigating the matter,” the officer said.

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