PMLA court denies medical bail to Naresh Goyal

Mumbai: A special Prevention of Money Laundering Act (PMLA) court on Wednesday denied medical bail sought by erstwhile Jet Airways founder, Naresh Goyal. The court, however, allowed him to continue his hospitalisation.

In February, the court had rejected an interim bail but ordered his immediate hospitalisation as his tests reports had suggested malignancy.

On Wednesday, Goyal sought medical bail on the same grounds.

Goyal was arrested in September 2023 by the Enforcement Directorate on the charge of siphoning off loans of ₹538.62 crore extended to the now grounded airline, Jet Airways, by Canara Bank, and laundering the proceedings.

In an earlier hearing, he had broken down before the court, saying he had “lost every hope of life” and it would be better if he died in jail than live in his present situation.

In November, the special court took cognisance of the ED‘s prosecution complaint (equivalent to a charge sheet) against Goyal, his wife Anita and others.

According to the ED, the probe had revealed that Jet Airways India Ltd. allegedly siphoned off funds through professional and consultancy expenses to the tune of ₹420.43 crore out of ₹1,152.62 crore. The agency said the amount was found to have been paid to the entities whose nature of business was different from the service description in their invoices raised on Jet Airways.

It also said that related properties as disclosed in the financials by the company were paid ₹1,410.41 crore out of total commission expenses and that these funds were siphoned off from Jet Airways India. Besides, it said, funds by way of making advance payments and investigating and subsequently writing off the payments by making provisions, the company diverted the funds by transferring to the subsidiary in the form of loans and advances and investments extended to the company.

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