News
Jet Airways founder charged with alleged bank fraud, remanded in custody
September 4th 2023
Jet Airways founder, Naresh Goyal, is in custody after being arrested by India’s Enforcement Directorate (ED) in relation to alleged involvement in a 5.38 billion rupee (US$64 million) bank fraud case. Read More » Following his arrest on September 1, an India court ruled Goyal will remain in custody until at least September 11. The ED alleges its investigation found that “in the garb of professional and consulting fees, funds to the tune of 10 billion rupee (US$120.94 million) went towards the personal expenses of Goyal and his family members”. Goyal established Jet Airways in 1992, but the full-service airline has not flown since April 2019. Jet Airways and Goyal have not commented.
