India court orders Jet Airways founder to remain in custody until Sept. 11 By Reuters
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<span>© Reuters. FILE PHOTO: Naresh Goyal, Chairman of Jet Airways speaks during a news conference in Mumbai, India, November 29, 2017. REUTERS/Danish Siddiqui/File Photo</span><br />
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<p>(Reuters) -An Indian court on Saturday decided that Jet Airways founder Naresh Goyal will remain in India’s financial crime agency’s custody until Sept. 11, the agency said in a press statement.</p>
<p>The Enforcement Directorate (ED), which investigates financial crimes in India, arrested Goyal late on Friday.</p>
<p>Jet Airways did not immediately respond to a request for comment. Goyal hasn’t commented publicly on the case in the past. </p>
<p>The case relates to an alleged 5.38 billion Indian rupees ($65.06 million) bank fraud case filed by state lender Canara Bank. The losses to a consortium of nine lenders is much larger, at 59.6 billion Indian rupees ($720.78 million), ED said. </p>
<p>The bank had filed a complaint in May against the airline, Goyal, his wife and a former airline director for “causing wrongful loss” to the lender.</p>
<p>Goyal founded Jet Airways in 1992 but shut down operations in April 2019 after running out of cash. The airline was the second largest carrier in India by market share. </p>
<p>In its statement the agency said that under Goyal’s leadership the airline siphoned off funds to overseas entities in Dubai, Ireland and other tax havens including the British Virgin Islands. </p>
<p>“(The) ED investigation revealed that in the garb of professional and consultancy fees, funds to the tune of 10 billion Indian rupees ($120.94 million) went towards the personal expenses of Naresh Goyal and his family members,” the statement said. </p>
<p>($1 = 82.6887 Indian rupees)</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/india-court-orders-jet-airways-founder-to-remain-in-custody-till-sept-11-3166531">Source link </a></p><p>The post <a href="https://forextraderhub.com/india-court-orders-jet-airways-founder-to-remain-in-custody-until-sept-11-by-reuters.html">India court orders Jet Airways founder to remain in custody until Sept. 11 By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>
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