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BUDGET 2025 AT A GLANCE||| SOME KEY PROVISIONS

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  BUDGET 2025 AT A GLANCE SOME KEY PROVISIONS SARASIJ MAJUMDER   1.       10,000 additional seats to be inculcated in Medical Institutes in one year; 75,000 additional   medical seats will be created in next 5 years. 2.       100 GW target for Nuclear Power Generation by 2047. 3.       40,000 new houses will be added under Swayam Housing scheme. 4.       50 New Tourists’ destination will be developed by next year . 5.       A Maritime Development Fund with a corpus of ₹ 25,000 crore to be set up, with up to 49 per cent contribution by the Government, and the balance from ports and private sector. 6.       Atal Tinkering Labs (ATL) : 50,000 such labs are to be set up in government schools in 5 years. This is a part of Atal Innovation Mission (AIM). Comment: In my opinion, t...
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JET AIRWAYS & NARESH GOYEL

SARASIJ MAJUMDER

 

The person seen in this was a FLY King of INDIA not too long ago .

He is Mr. Naresh Chandra Goel , once the proud  owner of jet airways , looks so broken and helpless in jail. He has told the court that all his hopes have been shattered, it is better that he dies in jail. We have seen his good days and now we are seeing this picture also.

In the financial year 1996–97, the airline carried 2.4 million passengers and had a market share of 20 percent, second highest after state-owned Indian Airlines . Jet Airways flew to a total of 55 destinations including 36 domestic destination within India and 19 international destinations including both intercontinental and within the extended neighbourhood in Asia. It operated 124 narrow-body and wide-body aircrafts, before suspending operations in April 2019 due to financial headwinds.

 Jet Airways went into insolvency after facing a severe debt crisis in 2019 that forced it to ground all operations. Then JKC submitted the resolution plan that got approved in 2021. The company had time till May 2023 to pay Rs 350 crores due to SBI, but did not do so.

The Enforcement Directorate (ED), which is investigating money laundering charges against Jet Airways founder Naresh Goyal, filed a chargesheet against him on Tuesday in the Rs 538 crore Canara Bank fraud case.

According to the chargesheet, the ED's investigation, based on company documents and statements from witnesses and accused individuals, revealed that Goyal and others involved used four major pretexts to siphon off funds from Jet Airways (India) Limited (JIL):

  1. Commission expenses
  2. Diversion of funds from JIL for personal expenses
  3. Granting loans to Jet Lite Limited and subsequently misappropriating the funds
  4. Professional and consultancy Charges

The chargesheet further pointed out that Jet Airways LLC Dubai, appointed by JIL, had no relevant role but received commission payments totalling Rs 415.92 crore from JIL between FY 11-12 and 18-19. This amount is also considered a diversion of loans and part of the Proceeds of Crime, liable for attachment from Jet air Pvt Ltd and Jet airways LLC Dubai, including its beneficial owner, Naresh Goyal.

BOGUS GSA COMMISSION TO LAUNDER MONEY

The investigation also highlighted Hasmukh Gardi (HD Gardi), a close associate and co-founder of JIL. Gardi, an NRI and close friend of Goyal, was involved in various financial transactions related to the airline. The chargesheet provided insights into Gardi's connections and financial dealings, including his involvement with Tail Winds Corporation, the parent company of Jet Airways (India) Ltd.

He also became director of Jet Airways later and held the position for a long time. In 2019, an investigation carried out by the ED in another fraud case led to the suspicion that some elements from the underworld were also part of the initial funding for the airline.

FUNDS TO GOYAL'S FAMILY MEMBERS

The chargesheet detailed how funds were transferred to the Goyal family through JAPL's agency commission and Over Riding Commission (ORC). It further exposed substantial consultancy payments made to Goyal's wife, son, and daughter without clear evidence of services provided. These payments amounted to INR 9.46 crore over several years.

Naresh Goyal's wife, Anita Goyal, was appointed as a consultant to the CEO of Jet air Pvt Ltd in 2015 for a yearly contract of Rs 1.15 crores. In March 2016, her contract was renewed with a sharp increment in her consultancy fee with an increase of Rs 20 lakh per month.

Similarly, Naresh Goyal's son Nivaan Goyal was appointed as a consultant to Jet air in June 2017, with a monthly remuneration of Rs 7.5 lakh. The contract was subsequently renewed for an additional year, with a monthly remuneration of Rs 20 lakh. Jet air did not provide any documentary evidence to support what consultancy services were offered by Nivaan Goyal.

The chargesheet concluded that the accused individuals have committed money laundering offenses and should be prosecuted and punished accordingly. The attached, seized, or frozen properties involved in money laundering are liable to be confiscated as per the provisions of the Prevention of Money Laundering Act, 2002.

The Bombay High Court, on  NOV.23  dismissed the plea filed by Jet Airways founder Naresh Goyal seeking to quash his arrest and remand orders in the Rs. 538 Cr money laundering Case. A division bench headed by Justice Revati Mohite Dere dismissed Goyal's habeas corpus plea but said it would be open for Goyal to pursue other statutory remedies available to him and observations in the order.

Mr Goyel, and his wife was arrested while boarding a plane, trying to escape to Dubai.

Till then, they are in jail.

In other words—his goose is LEGALLY COOKED.

There is a big lesson of life hidden in the above picture. CRIME DOESN’T PAY.

REF.:-

INDIA TODAY—Nov.2/2023

https://web.archive.org/web/20130522141830/http://www.jetairways.com/EN/IN/PopUps/RouteMapFlash.aspx

https://www.livelaw.in/high-court/bombay-high-court/bombay-high-court-jet-airways-founder-naresh-goyal-canara-bank-fraud-241804

https://www.livelaw.in/high-court/bombay-high-court/bombay-high-court-jet-airways-founder-naresh-goyal-canara-bank-fraud-241804?infinitescroll=1

 

 

Comments

  1. Anonymous28 February 2024 at 19:13

    A very sad state of affairs.

    ReplyDelete
    Replies
    1. Anonymous29 February 2024 at 01:33

      Another well researched and capsule presentation by Majumdar. Sahara, Kingfisher and Jet in a row! What unites them?

      Delete
    2. SARASIJ29 February 2024 at 06:25

      GREED, POOR MANAGEMENT, TOP LEVEL CORRUPTION...CAUSED THIS..THANKS READERS

      Delete

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