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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

Three arrested in Bengaluru quarry collapse case

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Bengaluru, July 3: The Karnataka Police on Friday arrested three persons in connection with the stone quarry boulder collapse at Madapattana village in Bengaluru South taluk that claimed the lives of seven workers.

The arrested accused have been identified as Panduranga, owner of Sai Ram Crusher; Lokesh, the quarry in-charge; and Raju, the local in-charge.

According to the police, the three have been taken into custody for questioning. Panduranga had taken Basaveshwara Crusher on lease and was operating the quarry. A case has been registered under the relevant provisions of the Bharatiya Nyaya Sanhita (BNS) based on a complaint filed by worker Gopikrishnan.

Police are also likely to question Uday Shankar, the owner of Kaveri Crusher, and D. Anandaswamy, the owner of Basaveshwara Crusher, as part of the ongoing investigation.

The tragedy occurred early Thursday morning at the Kaveri Crusher unit in Madapattana village under the jurisdiction of the Tavarekere Police Station when a massive boulder rolled down from an upper quarry and crashed onto workers at a lower quarry.

Seven workers were killed in the incident, while five others sustained injuries. One of the injured remains in critical condition, and four workers managed to escape.

The deceased were identified as Ramu, Rajpal Singh, Satyanarayan Singh, Ram Avtar Singh, Rajendra Prasad, Nuhar and Bhuvaneshwar Singh, all aged between their 30s and 40s. According to police, one of the deceased hailed from Yadgir district in Karnataka, while the others were from Madhya Pradesh. One of the injured workers is from Chhattisgarh.

Central Zone IGP S. Girish said the accident involved two adjoining quarries owned by different entities.

“There are two quarries at the location. The upper quarry belongs to one owner, while the lower quarry is owned by another. Work was underway at both sites early this morning. A JCB excavator operating at the upper quarry moved boulders, one of which rolled downhill and fell onto the workers at the quarry below,” he said.

“A total of 16 workers were at the lower quarry. Seven of them died on the spot. Five have been admitted to the hospital, one of whom is in critical condition, while four others managed to escape,” Girish added.

A worker from Tamil Nadu, Gopi, who narrowly escaped the accident, alleged that workers at the upper quarry failed to warn those working below before moving the rocks.

“Those working above should alert the workers below, but no one informed us. I have been working here for the past eight years. Four of us managed to escape. If they had warned us, we would have known about the danger. A stone hit me, but I still managed to run away. Around 15 to 30 people were working at the site. Tractors and excavators were mangled in the incident,” he said.

The force of the boulder impact crushed the victims beneath the rocks, making identification difficult. Police said some bodies were mutilated beyond recognition. A tractor, a tipper and other heavy machinery at the site were also extensively damaged.

Chief Minister D.K. Shivakumar, reacting to the incident on Thursday, said a detailed report had been sought from officials.

“A tragic incident has taken place at two adjoining quarries on Magadi Road. I have received information that seven persons have died. The bodies have been recovered, and senior officers have visited the spot. It has been ascertained that no blasting took place. I will receive a detailed report. It is yet to be determined whether the quarries were operating legally or illegally. The prescribed rules must be followed,” the Chief Minister said.

He added that action would be initiated after the report is received and compensation would be announced once complete details are available.

Karnataka Leader of the Opposition R. Ashoka visited the injured workers at the hospital on Thursday and alleged that the tragedy was the result of negligence on the part of the state government, while demanding accountability for the loss of seven lives.

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Couple facing family opposition commits suicide in UP’s Saharanpur

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Saharanpur, July 2: A laboratory technician and his paramour allegedly committed suicide at a rented accommodation in Sadar Bazar area in Uttar Pradesh’s Saharanpur, police said on Thursday.

Preliminary police investigation suggests that the two may have died by suicide due to family opposition to their relationship. However, police said the exact cause of death will be confirmed only after the post-mortem report and forensic evidence are examined.

Saharanpur ASP Manoj Yadav said: “We received information that a person had locked his room from inside and was not opening the door despite repeatedly being asked to do so. Upon reaching the place we looked in from the window and since the situation was suspicious, we broke open the door in the presence of the neighbours.”

Forensic experts were called at the spot and detailed examination of the place was carried out, he said.

The man has been identified as 39-year-old Sam Kamanish, a native of Kerala, who had been working as a laboratory technician at Medigram Hospital in Saharanpur for the past ten years. The woman, 24-year-old Aastha, was a resident of the Gagalheri area and worked as a teacher at a private intermediate college.

“The man slit his wrist and partially hung himself from the window of the room while the woman had most probably consumed a poisonous substance. There are no wounds on the female’s body,” ASP Yadav said.

According to police, Sam and Aastha first met around four years ago when Aastha’s mother was undergoing treatment at Medigram Hospital. Their acquaintance gradually developed into a romantic relationship. Police said Sam was already married, but his wife had moved to Delhi several years ago for work.

Aastha’s family had reportedly opposed to their relationship.

On Wednesday morning, Aastha left home for college but did not reach her workplace. When she failed to return by evening, the family began searching for her and informed the police. Aastha’s father expressed suspicion that Sam might be involved, prompting police to launch an investigation.

CCTV footage from the hospital reportedly showed the two leaving together in a car. With the help of the car driver, police traced them to Sam’s rented accommodation later that night.

Police said the both bodies were sent for post-mortem examination. Aastha’s body has been handed over to her family, while authorities are waiting for Sam’s relatives to arrive from Kerala before releasing his body.

Officials said all possible angles are being investigated, and the exact circumstances surrounding the deaths will become clear after the investigation and post-mortem findings.

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Crime

Ketan Agarwal murder case: Old video shows accused Siya Goyal abusing on phone at pub

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Pune, July 2: An old video purportedly showing Siya Goyal, the prime accused in the alleged murder of her fiancée Ketan Agarwal, abusing on the phone at a pub, has surfaced online, adding a fresh dimension to the high-profile case that has drawn nationwide attention.

The video, believed to have been recorded in December 2025, allegedly captures Siya inside a pub while holding what appears to be a beer bottle and talking on the phone.

During the conversation, she is heard using abusive language and saying, “First he cheats on me, then he calls me.”

The clip has since gone viral across social media platforms, prompting renewed public interest in the investigation.

Apart from this video, several older photographs and clips featuring Siya and co-accused Chetan Chaudhary have also resurfaced online.

One such video reportedly shows the two attending a cricket league match together months before the alleged crime. Investigators, however, have not officially linked these videos to the murder case.

The case pertains to the death of 26-year-old Pune-based real estate businessman Ketan Agarwal, who allegedly died after being pushed from a cliff at Lohagad Fort in Pune district on June 18. Ketan and Siya were engaged and were reportedly planning to get married in November this year.

According to the Pune Rural Police, Siya Goyal and Chetan Chaudhary are accused of conspiring to murder Ketan. Both were arrested following the incident and remain in police custody until July 3 as investigators continue to gather evidence and verify multiple aspects of the case.

Meanwhile, investigators have also focussed on Ketan’s mobile phone during the course of the probe. Police have confirmed that the victim’s phone remained in Siya’s possession for some time after his death before it was eventually handed over to Ketan’s family.

However, officials have not disclosed whether any data on the device was accessed, altered or deleted during that period. Authorities have also not confirmed whether either of the accused attempted to tamper with the phone or its contents.

As part of the ongoing investigation, Pune Rural Police on Wednesday recreated the alleged crime scene at Lohagad Fort. During the exercise, officials used a fibre dummy matching Ketan’s approximate height and weight and dropped it into a gorge estimated to be over 300 feet deep to understand the sequence of events surrounding the incident.

Deputy Superintendent of Police (Lonavala Division) Gajanan Tompe said the reconstruction was carried out in accordance with the details gathered during the investigation.

“Today, we took the accused to Lohagad and conducted a reconstruction of the crime scene. The exercise was performed based on the facts available in the investigation. The probe is still underway, and all relevant findings will be placed before the court. We are also recording statements of everyone connected with the case and will continue to do so,” he said.

Earlier this week, police also carried out a gait analysis of co-accused Chetan Chaudhary to assist the investigation.

On Monday, the Vadgaon Maval court extended the police custody of Siya Goyal and Chetan Chaudhary by five days after investigators sought additional time to examine evidence, question witnesses and complete pending forensic procedures in the alleged murder case.

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