Saturday, September 02, 2023

India court orders Jet Airways founder to remain in custody until Sept. 11

An Indian court on Saturday decided that Jet Airways (JET.NS) founder Naresh Goyal will remain in India's financial crime agency's custody until Sept. 11, the agency said in a press statement.

The Enforcement Directorate (ED), which investigates financial crimes in India, arrested Goyal late on Friday.

Jet Airways did not immediately respond to a request for comment. Goyal hasn't commented publicly on the case in the past.

The case relates to an alleged 5.38 billion Indian rupees ($65.06 million) bank fraud case filed by state lender Canara Bank (CNBK.NS). The losses to a consortium of nine lenders is much larger, at 59.6 billion Indian rupees ($720.78 million), ED said.

The bank had filed a complaint in May against the airline, Goyal, his wife and a former airline director for "causing wrongful loss" to the lender.

02/09/2023 Reuters

To Read the News in full at Source, Click the Headline


Post a Comment