Jet Airways Founder Naresh Goyal Seeks Discharge In ₹538 Crore Money Laundering Case, Cites Delay In CBI Chargesheet Filing

Mumbai: FIR lodged CBI prior to CBI coming to even a prima facie conclusion that an actual crime has been committed."

ED Probe Based On Canara Bank Complaint Against Jet Airways

On merits Goyal has claimed that he was a Non-Executive Chairman, and his role was limited to providing strategic guidance and mentorship. The operational and financial management of the company was overseen by professional teams and executives, Goyal has said

He has further alleged that, "the prosecution complaint does not identify a particular property obtained from criminal activity relating to the scheduled offence, does not trace any such property to the Applicant, and does not identify an act by the applicant of concealment, possession, acquisition, use, projection or claiming of property known to be proceeds of crime. The case instead treats a disputed outstanding lending exposure as though it were itself proceeds of crime."

Defence Questions CBI Investigation Status After Three Years

Goyal has alleged that there is no evidence to suggest that he personally benefited from any financial transaction, nor is there any direct evidence linking him to the alleged misappropriation or diversion of funds.

"The forensic audit findings relied upon by the ED are speculative and lack corroborative evidence. These findings fail to establish any direct nexus between him and the alleged proceeds of crime," Goyal said relying up on the recent audit carried out by Forvis Mazars. The report the defence claims raises serious doubts about the correctness of the earlier audit report by Ernst & Young, which is relied by the prosecuting agency.

No Evidence Of Personal Financial Benefit, Defence Argues

The plea is opposed by Enforcement Directorate, which has claimed that, "the applicant is the ultimate controlling mind of Jet Airways (India) Limited (JIL), utilized a highly sophisticated web of domestic and international entities to drain the corporate debtor, leaving public sector banks to absorb catastrophic losses hile ecuring immense personal wealth."

"The Applicant's attempt to seek a discharge on the pretext of an absence of mens rea, macroeconomic industry failures or the delay in the predicate agency filing a chargesheet is fundamentally flawed," ED has claimed and claimed that the investigation by ED is not based on any audit report of any agency but is completely independent.

Further, ED had claimed that the forensic audit by Forvis Mazars conducted on the instructions of the Jetair Private Limited which isn't onl and fishing inquiry which is roving impermissible. The ED has claimed that total outstanding exposure of the consortium of banks led by SBI and PNB. as admitted by the Resolution Professional is Rs 5,716.34 crores.

Also Watch:

"The investigation conducted under the PML A established that the Accused blatantlv siphoned off public funds from JIL through inflated commission expenses paid to related-party General Sales Agents (GSAs), exorbitant payouts to professional consultants for sham services and the granting of unsecured loans to a wholly-owned subsidiary (Jet Lite Limited) which were subsequently written off. These proceeds to acquire immovable properties in India, Dubai and London and to maintain an ultra-luxurious 1ifesty le at the expense of the public exchequer," ED has claimed opposing the discharge plea.

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/