Mumbai: Jet Airways founder Naresh Goyal’s ‘resistance’ in diluting his stakes and ‘incessant siphoning off of funds for personal pecuniary gains’ led to the downfall of the airline, the Enforcement Directorate said in its chargesheet filed before a court here in the alleged fraud of Rs 538 crore at the Canara Bank.
The ED claimed that the airline could have survived had Goyal kept aside his ‘ulterior motive’ and allowed professionals to make quick and strategic decisions to change the operating cash flow of the company.
It alleged that Goyal blatantly siphoned off funds from the loss-making Jet Airways (India) Limited (JIL), drained it out of funds and kept on infusing money into the related entities owned by his family members, both in India and abroad.
