Indian Financial Crime Agency Seizes Properties Worth $65 Million in Jet Airways Money Laundering Probe

The Enforcement Directorate (ED), India's agency for combating financial crimes, announced on Wednesday that it has confiscated properties valued at approximately 5.38 billion rupees (around $65 million). This action is part of an ongoing investigation into allegations of money laundering against the defunct airline Jet Airways and its founder, Naresh Goyal. 


The ED has seized 17 residential and commercial properties located in London, Dubai, and India. These properties were registered under various companies and individuals, including Goyal, his wife, and his son. Goyal has been in judicial custody since his arrest by the ED in September following a money laundering complaint lodged by Canara Bank in May. 


The ED alleges that Jet Airways misappropriated loans from a consortium of banks led by the State Bank of India and Punjab National Bank. The agency further claims that under Goyal's management, the airline diverted funds under the guise of professional and consultancy fees to foreign entities and for the expenses of Goyal and his family. 

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"Naresh Goyal executed a massive financial fraud," the ED stated on Wednesday. In response to these allegations, Goyal's lawyer said they are reviewing the charge sheet and considering their options. Jet Airways, founded by Goyal in 1992, was once India's second-largest airline by market share but ceased operations in April 2019 due to financial difficulties.

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