Explained | Why was Jet Airways founder Naresh Goyal arrested in Rs 538 cr bank fraud case
On Friday night, Naresh Goyal, the founder of Jet Airways, was arrested by the Enforcement Directorate (ED) in connection with a money laundering case worth Rs 538 crore. The case is linked to loans and credit lines provided to the airline by Canara Bank.
Why was he arrested?
Due to a significant shortage of funds and an increasing amount of debt, Jet Airways, which was previously India’s biggest private airline, suspended operations in April 2019.
The alleged Rs 538 crore fraud case at Canara Bank has led to a money laundering investigation involving Jet Airways, its founder Naresh Goyal, his wife Anita, and several former company executives.
