Naresh Goyal siphoned off money abroad via trusts, says court citing probe, extends his ED custody

Jet Airways founder Naresh Goyal, arrested in an alleged Rs 538 crore bank fraud case, siphoned off funds from India to overseas by creating various trusts and used them to buy properties, a special court here noted on Monday, citing investigation carried out so far by the ED.

The Enforcement Directorate (ED) told the special court set up under the Prevention of Money Laundering Act (PMLA) that maximum money that was siphoned off has been stacked in foreign accounts.

Goyal (74), whose ED custody was extended till September 14 by the court in a money laundering case linked to the alleged bank fraud of Rs 538 crore at state-run Canara Bank, told the judge he was ailing and needs to be hospitalised.