 "Naresh Goyal")
The Enforcement Directorate (ED) conducted searches at eight locations linked to Naresh Goyal, the former promoter of Jet Airways, on Wednesday. The agency has filed a new money laundering case against Goyal, his wife Anita, and others, according to a report by the Economic Times.
The searches took place in Mumbai and Delhi, including places associated with the Goyals and the airline's former auditor.
In February, the Bombay High Court had quashed the ED's previous money laundering case against the couple due to the lack of a predicate offense. However, the court had mentioned that if any new case is registered against them by any law enforcement agency, the ED can investigate.
Last week, the Bombay High Court granted an interim stay on two notices issued by IDBI Bank under provisions of the RBI's master circular to declare them as “wilful defaulters”.
To register a money laundering case under the Prevention of Money Laundering Act (PMLA), the ED requires a predicate offense. This fresh money laundering case is based on a recent FIR filed by the Central Bureau of Investigation (CBI) against Goyal, where Canara Bank is the complainant.
The CBI's FIR accuses Goyal and his associates of criminal conspiracy, criminal breach of trust, and criminal misconduct, causing Canara Bank a loss of Rs 538.62 crore, according to the ET report. The complaint states that Jet Lite (India), a subsidiary of Jet Airways, siphoned funds through advances, investments, and subsequent write-offs, which raised suspicions.
A forensic audit by EY revealed that JIL, promoted by Tail Winds, an overseas company owned by Goyal and his associates, had paid Rs 1,410.41 crore to related parties as commission expenses, and Rs 403.27 crore in expenses to general selling agents (GSA) was not in line with the GSA agreement.
The ED's investigation is aimed at uncovering any potential money laundering activities related to the allegations against Goyal and his associates in the CBI's FIR filed by Canara Bank.
