Mumbai: The money borrowed by Jet Airways was misused by its founder Naresh Goyal for “personal gains and enrichment”, the Enforcement Directorate (ED) on Saturday told a court here while seeking his custody in a case of an alleged Rs 538 crore loan fraud, registered on a complaint filed by Canara Bank.
The special Prevention of Money Laundering Act (PMLA) court sent 74-year-old Goyal in the ED's custody till September 11.
Seeking his remand, the ED claimed that the loans taken by now-defunct Jet Airways (India) Limited (JIL) from Canara Bank were used for purchasing things such as furniture, apparel and jewellery besides other illegitimate purposes.
02/09/2023 PTI
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