Jet Airways under investigation as ED attaches properties worth Rs. 538.05 crore

ED has taken action against Jet Airways Ltd, attaching properties worth ₹538.05 crore.

The Enforcement Directorate (ED) has clamped down on Jet Airways (India) Limited (JIL), seizing properties valued at ₹538.05 crore. This move is a part of a probe into alleged money laundering, under the Prevention of Money Laundering Act (PMLA) 2002.

The seized properties include 17 residential flats/bungalows and commercial premises. These are registered under various companies and individuals, including Jetair Private Limited, Jet Enterprises Private Limited, and the founder Chairman of Jet Airways, Naresh Goyal, his wife Anita Goyal and son Nivaan Goyal. These properties are scattered across London, Dubai and various states of India.


The ED’s probe has uncovered that JIL allegedly diverted loans from a consortium of banks led by SBI and PNB. Naresh Goyal is accused of orchestrating a significant financial fraud, where the funds of JIL were systematically siphoned off. This was allegedly done through inflated General Sales Agent (GSA) commissions, large unexplained payouts to various professionals and consultants, and by granting loans to JetLite Limited, which were later written off in the balance sheets.

The ED has discovered that GSA commissions were wrongfully paid to Jet Air Private Limited, Jet Airways LLC Dubai (Global GSA of JIL) and JIL wrongfully paid for the operational expenses of these GSAs. All these GSAs were owned by Naresh Goyal. Despite these entities not performing any substantial service after 2009, large sums of money were regularly paid to them. The funds received were used by Naresh Goyal & his family for their personal expenses and investments.

Previously, the ED had conducted searches at the premises linked to Naresh Goyal, Chartered Accountants of JIL and others. Naresh Goyal was arrested on September 1, 2023, and is currently in judicial custody. The ED filed a prosecution complaint before the Special Court (PMLA) on October 31, 2023.