Naresh Goyal, the founder of Jet Airways, was arrested by India's financial crime-fighting agency on Friday. An Enforcement Directorate source confirmed the arrest, reportedly related to an alleged money laundering case linked to Canara Bank worth 5.38 billion Indian rupees ($65.06 million).
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As per local media reports, Goyal was taken into custody under the Prevention of Money Laundering Act (PMLA) after a lengthy questioning session at the ED's Mumbai office. Canara Bank had filed a complaint in May against the airline, Goyal, his spouse, and a former airline director for causing wrongful loss to the lender. Jet Airways and the ED were not immediately available for comment.
Jet Airways, which was once India's largest private airline, went bankrupt after running out of funds in April 2019. The airline was expected to restart operations by Q1 2022 under new ownership, but it is currently deadlocked with creditors over the resolution plan to revive the airline from bankruptcy.