Canara bank fraud case: Jet Airways founder Naresh Goyal sent to 14-day judicial custody

Naresh Goyal was produced before the Special PMLA Court in Mumbai after his ED custody ended today.

Jet Airways founder Naresh Goyal.

MUMBAI: A court here on Thursday remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case linked to an alleged fraud of Rs 538 crore at the Canara Bank.

The Enforcement Directorate (ED) arrested Goyal on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here.

The 74-year-old businessman was produced before the court at the end of his ED remand on Thursday. Goyal was sent to judicial custody by the court as no further remand was sought by the probe agency.

The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with an alleged Rs 538-crore fraud case at the Canara Bank.

The FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848. 86 crore of which Rs 538. 62 crore was outstanding.