ED files chargesheet against Jet Airways founder Naresh Goyal, five others in bank fraud case
Mumbai (PTI): The Enforcement Directorate (ED) on Tuesday filed a chargesheet against Jet Airways founder Naresh Goyal and five others in the alleged fraud of Rs 538 crore at the Canara Bank.
Goyal was arrested by the ED on September 1 under the Prevention of Money Laundering Act (PMLA). He is currently in judicial custody and lodged at the Arthur Road jail here.
The chargesheet against Goyal and others was filed in a court here, which is likely to take cognisance of it on Wednesday, a lawyer linked to the case said.
The money laundering case stems from the first information report (FIR) of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now-grounded private airline in connection with the alleged fraud case.
The FIR was registered on the bank's complaint, which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore, of which Rs 538.62 crore was outstanding.
Earlier, during his remand hearing, the investigation agency had said that the Jet Airways founder siphoned off money from India to abroad by creating various trusts in foreign countries.
The investigation revealed that the accused has created various Trusts abroad and through those trusts he purchased various immovable properties. The money for those trusts is nothing but the proceeds of crime (POC) siphoned off from India to abroad, it had said.
The ED said that their investigation further revealed that Goyal had purchased high value properties inMumbai and subsequently sold the same. He also formed a web of the companies in India through which he has acquired a lot of immovable properties.
Citing an audit report, the ED has claimed that the loans availed by Jet Airways (India) Limited (JIL) were used for purchasing immovable assets such as furniture, apparel and jewellery.
Salaries of Goyals' residential staff and operational expenses of a production company of his daughter were also paid from the accounts of JIL.
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Kasaragod: ED books Kunhahmed Musliyar Memorial Trust for FCRA violation
New Delhi (PTI): The Enforcement Directorate has registered a forex violation case against a Kerala-based charitable organisation for receiving Rs 220 crore from abroad in alleged violation of the Foreign Contribution Regulation Act (FCRA).
The investigation pertains to Kunhahmed Musliyar Memorial Trust located in Kasargod and its chairman Ibrahim Ahmad Ali, an NRI.
Searches were conducted under the Foreign Exchange Management Act (FEMA) at two locations in Kasargod on Thursday in connection with the case, the ED said in a statement.
The Trust, according to the ED, received more than Rs 220 crore since 2021 from Ibrahim Ahmad Ali, which was reflected in the books of accounts as "unsecured" loans.
However, no loan agreement, interest rate terms, or repayment schedule were available, and no repayment had been made till date, the probe agency said.
The probe found that these funds were received by Ali from a UAE company named Universal Lubricants LLC.
In the absence of supporting documents and in view of the clarification given under a section of the FCRA, the said loan prima facie qualified as "foreign contribution" under FCRA, the statement said.
According to the ED, the Trust is "not registered" under the FCRA and does not possess the "mandatory permission" or a designated FCRA bank account to receive foreign contributions.
It was found that a part of these foreign contributions was "utilised" for the purchase of agricultural land in India, in violation of the existing regulations.
The search action found that the Trust received Rs 2.49 crore in "cash" from Ali in violation of FEMA provisions.
"During the search, incriminating documents, ledger accounts showing unsecured loans of Rs 220 crore, the cash book of the Trust, and a hard disk containing financial data were seized," the ED said.
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