Jet Airways' Naresh Goyal used wife, son to siphon off funds: Chargesheet

The Enforcement Directorate, which is investigating money laundering charges against Jet Airways founder Naresh Goyal, filed a chargesheet against him on Tuesday in the Rs 538 crore Canara Bank fraud case. India Today exclusively accessed the chargesheet filed against Goyal and found that he allegedly misappropriated public funds obtained as business loans for various purposes, including commission to sales agents, personal and family expenses, loans to subsidiary companies with no business or income, and professional and consultancy charges paid to his wife, daughter, and son. According to the chargesheet, the ED's investigation, based on company documents and statements from witnesses and accused individuals, revealed that Goyal and others involved used four major pretexts to siphon off funds from Jet Airways Limited : Commission expenses Diversion of funds from JIL for personal expenses Granting loans to Jet Lite Limited and subsequently misappropriating the funds Professional and consultancy Charges Jet Airways director's 'wasteful expenditure' Despite JIL facing severe financial difficulties, the ED chargesheet said that the director and chairman of JIL continued to engage in wasteful expenditures by paying substantial amounts to professionals and consultants, ignoring advice from professionals within the company. The chargesheet further pointed out that Jet Airways LLC Dubai, appointed by JIL, had no relevant role but received commission payments totaling Rs 415.92 crore from JIL between FY 11-12 and 18-19.