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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

SC stays conviction of ex-NCP minister Manikrao Kokate in Nashik housing fraud

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New Delhi, Dec 22: The Supreme Court on Monday stayed the conviction of senior Nationalist Congress Party (NCP) leader and former Maharashtra minister Manikrao Kokate in the 1995 Nashik housing fraud case.

A Bench of Chief Justice of India (CJI) Surya Kant and Justice Joymalya Bagchi issued notice to the Maharashtra government on Kokate’s plea challenging the refusal of the Bombay High Court to stay his conviction. Though it protected his membership in the Maharashtra Legislative Assembly, the apex court clarified that Kokate will not be allowed to exercise any governmental powers while the proceedings are pending.

“Issue notice. Meanwhile, the conviction of the petitioner shall remain stayed to the extent that there shall be no disqualification as a Member of the Legislative Assembly. However, no power shall be exercised by the petitioner,” the CJI Kant-led Bench ordered.

The relief from the top court comes days after the Bombay High Court had refused to stay Kokate’s conviction but suspended his two-year jail sentence and granted him protection from arrest as it heard his revision plea against the sessions court verdict.

Earlier, a Nashik sessions court had convicted Kokate in a case involving the illegal acquisition of government flats reserved under the Chief Minister’s quota and sentenced him to two years’ rigorous imprisonment along with a fine of Rs 50,000.

Following the sessions court verdict, Kokate was stripped of the Sports and Minority Affairs portfolios, and he resigned from the Maharashtra Cabinet. His resignation was accepted by Maharashtra Deputy Chief Minister and NCP chief Ajit Pawar amid a chorus from the Opposition.

The case against Kokate and his brother Vijay Kokate dates back to 1995 and pertains to the alleged misappropriation of flats meant for low-income individuals who do not own any other property.

The prosecution alleged that the brothers submitted forged affidavits and documents to acquire flats in the Nirman View Apartment at Canada Corner in Nashik. Investigations had also revealed that the brothers were using two additional flats in the same building that had been allotted to other beneficiaries.

Based on an inquiry by the district administration, Vishwanath Patil, then an official of the Urban Land Ceiling (ULC) department, lodged a complaint, following which a fraud case was registered at the Sarkarwada Police Station.

Since his induction into the Cabinet, Kokate has frequently courted controversy. He was earlier divested of the Agriculture portfolio following allegations that he was playing games on his mobile phone during a Legislative Council session.

Kokate denied the charge, but the episode drew widespread criticism. He also drew criticism for remarks on farmers and for attacking coalition partner BJP during a municipal campaign.

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Crime

Kerala mob lynching case: CM Vijayan assures justice to family of Chhattisgarh man

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Palakkad, Dec 22: Chief Minister Pinarayi Vijayan on Monday assured justice to the family of Ram Narayan, the migrant worker who was beaten to death by a mob at Attappallam in Walayar and said strict action would be taken against all those responsible for the crime that has shaken Kerala.

In a statement on Monday, the Chief Minister said a special investigation team led by the Palakkad Superintendent of Police is probing the case and has been directed to examine all aspects of the incident and initiate appropriate legal action.

The government will also consider the matter and ensure suitable compensation for the bereaved family.

Calling the incident unacceptable, CM Vijayan said such acts tarnish the image of Kerala as a progressive society and stressed the need for vigilance to prevent a recurrence.

The Chief Minister’s remarks came as disturbing details emerged from the remand report, which revealed the extreme cruelty inflicted on Ram Narayan, a native of Chhattisgarh who had come to Kerala in search of work.

According to the report, the accused assaulted him with a clear and conscious intent to kill, subjecting him to hours of sustained violence.

Medical findings recorded ahead of the post-mortem showed more than 40 injuries across the body.

Severe head injuries, profuse bleeding and multiple grievous wounds were cited as the cause of death.

Investigators said heavy sticks were used to beat the victim, while marks on the body indicate he was thrown to the ground, kicked repeatedly and dragged. X-ray examinations confirmed that he was stomped on his face and back, pointing to prolonged torture rather than a single attack.

The remand report also notes that those who attempted to intervene were threatened and driven away.

Meanwhile, Local Self-Government Minister M.B. Rajesh, who hails from Palakkad, alleged that the attack stemmed from hate-driven politics, claiming the victim was targeted after being branded a “Bangladeshi”.

He said the government stood firmly with the victim’s family and would ensure maximum punishment for the culprits.

Five accused have so far been arrested, all of whom have criminal antecedents.

Police said efforts are underway to trace more suspects as the investigation continues.

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Crime

Mumbai: CBI Identifies 2 More In Mule Account Scam Involving Private Bank Manager

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Mumbai: The CBI has identified two more persons allegedly involved in the case where agency officials arrested Nitesh Rai, branch manager of a private bank in Mumbai, last month for facilitating the opening of mule accounts. Investigation has revealed that the arrested official, in collusion with cybercriminals, accepted illegal gratification and, by abusing his official position, processed account opening forms, thereby creating channels for the movement and layering of cybercrime proceeds.

“During the investigation of the said case, from April 30, 2025 to May 4, 2025, it has been revealed that accused Nitesh Rai, while functioning as Branch Manager, Bandra Reclamation Branch, Mumbai, facilitated the opening of mule accounts and obtained illegal gratification from A.N. Pathan and P.B. Sahni for the improper performance of his official duties,” said a CBI official.

“Investigation has further revealed that on one occasion, a sum of Rs 10,000 was transferred into the Axis Bank account of Nitesh Rai on January 2, 2025, as illegal gratification in lieu of processing Account Opening Forms. The demand for illegal gratification and the work to be carried out thereafter were discussed by Nitesh Rai over WhatsApp chat with Sahni.”

“Pursuant to the demand, Sahni, through Pathan, arranged for the transfer of Rs 10,000 into the account of Nitesh Rai. The payment was facilitated through money exchange by Pathan. Upon receipt of the said illegal gratification, Nitesh Rai processed the Account Opening Forms.” “Pathan and Sahni thereby induced a public servant for improper performance of his official duties,” the official added.

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