Goyal appeared in front of a special PMLA (Prevention of Money Laundering Act) court on Thursday morning after his time in ED (Enforcement Directorate) custody came to an end.
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Request for Judicial Custody
When he was presented before the special court, the agency requested that he be placed in judicial custody. As a result, the special court decided to keep him in judicial custody.
Judicial Custody for 14 Days
On Thursday, the special PMLA court made a decision to keep Naresh Goyal, who is the founder of the now-defunct airline Jet Airways, in judicial custody for a period of 14 days.
Transfer to Arthur Road Jail
Following this ruling, the 74-year-old was moved to Arthur Road jail.
Background of the Case
Mr. Goyal had been taken into custody by the Enforcement Directorate (ED) late at night on September 1. This action was taken in connection with a case that had been registered against Jet Airways, Mr. Goyal, and some others. They were accused of allegedly defrauding Canara Bank for an amount totaling ₹538 crore.
Medical Concerns
Once the court had ordered him to be held in judicial custody, Goyal submitted several requests.
Medical Check-up Requests
He asked the court to allow his family physician, regular medical consultant, and a specialized doctor to perform his daily medical check-ups.
Health Concerns
He explained that on September 13, he experienced uneasiness and dizziness, which led to his visit to JJ Hospital. After a thorough examination, the doctors informed him that his heart rate was dangerously low. Given his previous history of heart disease and a prior bypass surgery, the 74-year-old was at risk of suffering a cardiac arrest. Furthermore, he asserted that he had an 80% blockage in his left main artery. Additionally, because he was also undergoing treatment for depression, he emphasized the need for consistent medical care.
Requests for Family Communication
Goyal also requested permission to meet his family members or have a one-hour phone call with them each day. He cited his wife’s battle with cancer as the reason for this plea.
The court has instructed the prison authorities and the ED to respond to his requests by Monday. Meanwhile, they have granted him permission to have food prepared at home, following his dietary requirements.
Money Laundering Investigation
The 74-year-old, Naresh Goyal, was arrested by the agency in relation to a money laundering investigation. This investigation is centered around the accusation that he and the airline were involved in defrauding Canara Bank for an amount totaling ₹538 crore.
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Allegations of Loan Diversion
The ED has also argued that Jet Airways had obtained a loan from a group of 10 banks to cover its day-to-day expenses from 2011-12 to 2018-19. However, as of now, a sum of ₹6,000 crore from that loan still remains unpaid.
Misuse of Funds
According to the agency, a forensic audit uncovered that ₹1,152 crore had been diverted under the pretense of consultancy and professional fees. Additionally, ₹2,547.83 crore were redirected to a related entity known as Jet Lite Limited (JLL) to settle its outstanding loan. Interestingly, the money lent to JLL was subsequently erased from Jet Airways’ financial records.
Disbursement to Family Members
Furthermore, the ED revealed that approximately ₹9.46 crore had been disbursed to family members and domestic staff employed at Goyal’s residence.