- By Mayukh Debnath
- Sun, 07 Jan 2024 04:21 PM (IST)
- Source:JND
Naresh Goyal Breaks Down: The jailed founder of Jet Airways, Naresh Goyal, recently broke down into tears while appearing for a bail hearing before a Mumbai court, news agency PTI reported. On Saturday, Goyal, who is currently in judicial custody in connection with a bank fraud case, told the special court with 'folded hands' that it is better if he "dies in jail" than living in his present condition, saying that he has "lost every hope of life", as per court documents cited by PTI.
In his bail plea, the 74-year-old businessman also mentioned the various health conditions facing him and his wife, Anita Goyal. He submitted before the court that he greatly misses Anita, who he said is in the advanced stage of cancer. Goyal also mentioned before the court that he suffers from unbearable pain while urinating, adding that at times his urine also contains blood. He also cited his knee pain while presenting his side during the hearing.
Who Is Naresh Goyal?
Naresh Goyal is a former aviation tycoon who launched the now-defunct Jet Airways in 1993. Born in Punjab's Sangrur in 1949, he witnessed financial crisis at an early age after the demise of his father. Goyal holds a Bachelors of Commerce degree, which he obtained from Government Bikram College of Commerce, Patiala.
Before founding Jet Airways, he worked for various foreign-based airlines, including Lebanese International Airlines, Iraqi Airways, Royal Jordanian Airlines, Middle East Airlines, and Philippines Airlines. During the course of his association with international carriers, Goyal gained extensive experience in various areas, including ticketing, reservations and sales.
Why Naresh Goyal Is In Jail?
Naresh Goyal is currently lodged at Mumbai's Arthur Road jail in connection with a bank fraud case. He was arrested by the Enforcement Directorate (ED) on September 1, 2023, in a Prevention of Money Laundering Act (PMLA) based on an FIR registered by the CBI on the basis of a complaint filed by Canara Bank. In its complaint, Canara Bank alleged various offences, including cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct, committed by Jet Airways (India) Limited (JIL) and its promoters and directors, resulting in a significant Non-Performing Asset (NPA) amounting to Rs 538.62 Crore.
During ED's investigation into the case, it emerged that JIL allegedly siphoned off funds originally obtained as loans from a consortium of banks led by SBI and PNB. Naresh Goyal orchestrated a large-scale financial fraud through the systematic diversion of JIL's funds, disguising them as inflated General Sales Agent (GSA) commissions and making substantial, unexplained payments to various professionals and consultants, the central agency has claimed. As per ED, all of the said GSAs were beneficially owned by Goyal.
(With inputs from ANI)