Bombay HC to SFIO on Jet Airways founder fraud case: ‘You have to take your investigation to some logical end’

The Serious Fraud Investigation Office (SFIO) got an earful from the Bombay High Court on Tuesday for its endless investigation since 2019 against Jet Airways founder Naresh Goyal and wife Anita Goyal for an alleged fraud involving Rs7,000 crore.

A division bench of Justices Revati Mohite Dere and Sharmila Deshmukh said that the probe was on for four years. “Your [SFIO’s]investigation is going on since 2019. You have to take your investigation to some logical end. Somewhere there has to be a closure in cases. You cannot go on endlessly with investigation,” Justice Dere said.

SFIO: Goyal not extending his full co-operation

SFIO counsel Hiten Venegaonkar informed the bench that the investigation was ongoing and might conclude in September this year. He further said that the fraud was of a larger magnitude and Goyal was also not extending his full co-operation.

The HC was hearing applications filed by Goyals seeking permission to travel to the United Arab Emirates (UAE) for a month.

The SFIO opposed travel for Naresh and Anita together, but were agreeable if Anita was willing to travel alone. Venegaonkar pointed out that the agency was opposed to Naresh’s travel since he owns properties in foreign locations and also has a bailable warrant issued against him for not complying with the summons in the case.

Naresh’s counsel Ravi Kadam opposed the SFIO stand and highlighted Supreme Court judgments to show that travel was permitted.

The HC said it will have to hear the matter in detail and kept Naresh’s plea for hearing in June.

Since SFIO did not oppose Anita’s travel, the court permitted her to go from from April 20 for a month. All look out circulars against her imposed by the ED, SFIO and SBI were suspended for the month.