Jet Airways: Rs 538 crore fraud: CBI searches 7 sites linked to Jet Airways | India News – Times of India

New Delhi: CBI on Friday raided seven places including CBI offices jet airways and its founder Naresh Goyal In connection with the alleged bank fraud case of Rs.538 crore. Agency files FIR against Goyal, his wife and former airline director Gaurang Anand Shetty on 3 May. Friday’s searches were spread across the houses Anita And Shetty Also, sources said.
The FIR, registered on the complaint of Canara Bank, detailed the alleged misappropriation of funds through payments made towards process and consultancy expenses. “It was noted that Rs.1,152.6 crore was spent towards professional and consultancy expenses during the review period from 01.04.2011 to 30.06.2019. Out of this, suspicious transactions of Rs.197.57 crore were identified in the case of entities JIL, i.e. Key Managerial Personnel of JIL were also linked to these entities,” the FIR claims.
“It is observed that out of Rs 1,152.62 crore, professional and consultancy expenses to the extent of Rs 420.43 crore have been paid to entities whose nature of business is different from the service description in their invoices on JIL,” it further reads .
The bank also observed that the turnover of these entities was similar to the amount being booked by JIL against those entities under the guise of professional and consultancy expenses.
“These transactions point to misappropriation and misappropriation of funds by the borrower, with funds borrowed from banks being used for purposes unrelated to the borrower’s operations, to the detriment of the financial health of the entity and/or the lender.” is for,” the bank said in its complaint.
According to officials, the account was declared fraudulent and reported to RBI in July 2021 for Rs 728.6 crore. Of this, Rs 538.62 crore pertains to Canara Bank and Rs 190 crore pertains to the erstwhile Syndicate Bank. Jet Airways ceased operations in April 2019 after flying for over 25 years and went into insolvency resolution process.