The CBI has registered the case against Naresh Goyal and his wife Anita.
Jet Airways founder Naresh Goyal and old offices of the airline were raided by the Central Bureau of Investigation (CBI) on Friday in connection with a case of alleged bank fraud amounting to Rs 538 crore, officials said.
The CBI registered a case against Mr Goyal, his wife Anita, former director Gaurang Ananda Shetty, and unknown bank officials following a complaint from Canara Bank. The complaint accused the individuals of diverting funds and causing losses to the bank.
Sources indicate that the raids at seven locations were not connected to the new owners of Jet Airways, the Jalan Kalrock Consortium, which maintains an office in Gurgaon and is working to revive the airline that was grounded in April 2019 due to financial difficulties.
Jet Airways, once India's largest private carrier, suspended operations in April 2019 because of a severe cash crunch and mounting debt. The airline was acquired by a partnership between UAE-based businessman Murari Lal Jalan and London-based Kalrock Capital in June 2021 after a protracted insolvency process.
The CBI has accused Jet Airways and its founders of siphoning funds. According to the agency, between April 1, 2011, and June 30, 2019, the airline was found to have spent Rs 1,152.62 crore on professional and consultancy expenses. Suspicious transactions totalling Rs 197.57 crore were identified among entities linked to Jet Airways, with key managerial personnel of the airline also connected to these entities.
The investigation found that Jet Airways paid Rs 420.43 crore of the total Rs 1,152.62 crore in professional and consultancy expenses to entities whose business nature did not match the service descriptions on their invoices.
These entities reportedly had a turnover similar to the expense amount recorded by Jet Airways under the guise of professional and consultancy expenses.