The founder of Jet Airways, Naresh Goyal, and his family members received bank loans of Rs. 1,000 crores in “unrealistic and personal expenses”, the Enforcement Directorate (ED) said.

The probe agency, which detained Goyal (74) on Friday night, said the airline had also “transferred” the money to some tax havens.

Earlier today, a special court constituted to hear cases registered under the Prevention of Money Laundering Act (PMLA),  sent Goyal to ED custody for 10 days till September 11.

Jet Airways (India) Ltd or the Goyal group – Jet Airways has total non-performing assets (NPAs) of Rs. 5,951.46 crore, out of which the largest share (Rs 1,636.23 crore) belongs to State Bank, the company said. of India (SBI) in a consortium of nine banks associated with the company and its promoters, said ED

According to the ED’s investigation, funds were misused, resulting in a sum of Rs. 1,000 crores being recorded as suspicious expenditure.

The Ed claimed that loans taken by the now-defunct Jet Airways from Canara Bank were used to buy furniture, clothes, and jewellery for other illicit purposes, the ED said.

The company’s Funds were also used for salaries of his resident staff and running costs of a manufacturing company owned by his daughter, the ED said.

Additionally, personal expenses incurred by Naresh Goyal and his family members were charged to the company, and unaccounted transactions flowed into promoters’ foreign accounts.

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