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):
- Commission
expenses
- Diversion
of funds from JIL for personal expenses
- Granting
loans to Jet Lite Limited and subsequently misappropriating the funds
- 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
A very sad state of affairs.
ReplyDeleteAnother well researched and capsule presentation by Majumdar. Sahara, Kingfisher and Jet in a row! What unites them?
DeleteGREED, POOR MANAGEMENT, TOP LEVEL CORRUPTION...CAUSED THIS..THANKS READERS
Delete