Enforcement Directorate (ED) attached properties worth Rs 538.08 crore belonging to Jet Airways, Naresh Goyal and his family members in the ongoing money laundering investigation against M/s Jet Airways (India) Limited (JIL). This action has been undertaken under the provisions of the Prevention of Money Laundering Act (PMLA) 2002.
The attached properties including total of 17 residential flats, bungalows, and commercial premises. These properties are registered under various companies and individuals, including M/s Jetair Private Limited, M/s Jet Enterprises Private Limited, Naresh Goyal, the founder Chairman of M/s Jet Airways (India) Limited, his wife Mrs. Anita Goyal, and their son Nivaan Goyal situated in London, Dubai, and various states across India.
ED has filed the chargesheet in PMLA court on Tuesday against Naresh goyal,his family members and 4 companies in an alleged case of fraud of Rs 538 crore at the Bank fraud case.
In the 2019, ED investigation under FEMA found that Jet Airways was paying very high commissions each year to its General Sales Agent (GSA) in Dubai. What's intriguing is that this GSA was actually part of Jet Airways' group company in Dubai. These commissions exceeded the allowed limits, and the money was routed through a complex web of intermediary companies. Hasmukh Gardi's name surfaced as a person of interest because he was a partner in Naresh Goyal's global sales agent (GSA) business. His involvement in this setup raised suspicions about Jet Airways' financial dealings.
The ED found that accused Naresh Goyal had created various trusts abroad and used them to purchase various immovable properties. The money for these trusts was suspected to have been siphoned off from India to abroad under the guise of professional and consultancy expenses, which were paid to various entities. Funds obtained from different banks were routed into trusts based in tax haven countries, including the British Virgin Islands (BVI) and Jersey, and used to acquire properties in the name of himself and family members in UAE and London.Additionally, Hasmukh Gardi was linked to a BVI-based entity with connections to the Panama Papers leak, which contained information about hidden funds in tax havens.
Previously, the ED conducted searches and surveys at premises associated with Naresh Goyal, the Chartered Accountants of JIL, and other related individuals.
On September 1, 2023, ED arrested Naresh Goyal, who is currently in judicial custody. The ED filed a prosecution complaint before the Special Court (PMLA) on October 31, 2023, and additional investigations are still in progress.