Jet Airways Naresh Goyal faced his first financial crisis at the age of 11 year

The Enforcement Directorate (ED) has provisionally attached assets worth Rs 538.5 crore belonging to Jet Airways founder chairman Naresh Goyal ‘s company and his family. Assets were seized under the provisions of PMLA, 2002 in a money laundering investigation against Jet Airways (India) Limited (JIL). Jet Airways’ Naresh Goyal faced his first financial crisis at the age of 11 year.

The Enforcement Directorate (ED) has taken this action. According to the ED, the seized properties include 17 residential flats belonging to various companies and individuals including Jet Air Pvt Ltd, Jet Enterprises Pvt Ltd, Jet Airways (India) Ltd (JIL) founder chairman Naresh Goyal, his wife Anita Goyal and son Niwan Goyal.

Includes bungalows and commercial premises. These properties are located in London, Dubai and various states in India. These properties, located in Dubai and various cities in India, are in the names of various companies, namely Jet Air Pvt Ltd and Jet Enterprises Pvt Ltd, owned by Goyal, his wife Anita and son Nivan. ED had arrested Goyal (74) on September 1.

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The ED had filed a charge sheet against him in a special Prevention of Money Laundering Act (PMLA) court in Mumbai. Naresh Goyal is accused of defrauding Canara Bank of Rs 538 crore. An FIR was registered in November last year on the bank’s complaint. Canara Bank is said to have approved a credit limit and a loan of Rs 848 crore 86 lakh to Jet Airways Limited.

Out of which Rs 538 crore 62 lakh are outstanding. Following this complaint, the CBI registered a case of cheating against Naresh Goyal, his wife Anita and others in May 2023. On May 5, Goyal’s office in Mumbai was searched at 7 places. The houses of his accomplices were also raided. Then on July 19, the ED also registered a case of money laundering.

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The ED then raided the house of Goyal and his accomplices. Finally on September 1, 2023, 74-year-old Naresh Goyal was arrested by the ED.

Naresh Goyal faced his first financial crisis at the age of 11 year:

Naresh Goyal was born in Sangrur, Punjab in 1949 in the house of a jewellery dealer. His father died when he was a child. He studied up to sixth standard at Government High School for Boys. When he was eleven years old, his family went through an economic crisis and his house was auctioned. He then lived with his mother’s uncle.

Goyal holds a Bachelors of Commerce degree from Government College of Commerce. In 1967, Goyal began his career as a cashier in his maternal uncle Seth Charan Das Ram Lal’s travel agency, East West Agencies, at a starting salary of Rs 300 a month. After graduating in Commerce, Goyal joined the travel business with the GSA for Lebanese International Airlines.

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From 1967 to 1974, he underwent extensive training in the travel business through his association with several foreign airlines. He travelled overseas extensively on business during this period. In 1969, he was appointed the public relation manager of Iraqi Airways and from 1971 to 1974 was the regional manager for ALIA, Royal Jordanian Airlines.

He also worked with the Indian offices of Middle East Airlines (MEA), where he gained experience in various areas including ticketing, reservations and sales. In 1974, with £500 from his mother, he set up his own agency named Jetair, representing the likes of Air France, Austrian Airlines and Cathay Pacific.

In 1975, he was appointed regional manager of Philippines Airlines in India. Naresh Goyal stepped down from the Board of Jet Airways along with his wife Anita Goyal on 25 March 2019 amid financial crisis in the airline and after two-thirds of the fleet grounded. He was stopped from flying away in 2019.