Naresh Goyal, the former chairman of Jet Airways, has been denied medical bail by a Mumbai PMLA (Prevention of Money Laundering Act) court. The denial of bail comes on the grounds of Goyal’s malignancy. Goyal was arrested for allegedly siphoning Canara Bank loans.
The complaint filed by the Enforcement Directorate (ED) against Goyal includes allegations of advance payments, investments, and funds diversion to subsidiaries.
Goyal’s lawyer had argued for medical bail citing his client’s health condition. However, the court rejected the plea, stating that bail cannot be granted based on health grounds alone without other relevant factors.
Goyal’s arrest is a significant development in the ongoing investigation into financial irregularities at Jet Airways, the airline he co-founded in 1993. The ED has been probing allegations of money laundering and diversion of funds against Goyal and other senior officials of the now-defunct airline.
Jet Airways, once one of India’s largest private airlines, ceased operations in April 2019 due to financial troubles. The company accumulated debts of over $1 billion and failed to secure emergency funds for its survival.
