Jet Airways founder Naresh Goyal sent to ED custody till September 11

The Enforcement Directorate had on late Friday night arrested Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said.

A special PMLA court on Saturday remanded Jet Airways founder Naresh Goyal in the Enforcement Directorate's (ED) custody till September 11 in an alleged case of fraud of Rs 538 crore, registered on a complaint filed by Canara Bank.

Goyal (74) was arrested by the Central agency on Friday night under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at its office.

He was produced before the court on Saturday. The money laundering case stems from a First Information Report registered by the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former executives of his defunct airline.

The FIR was registered on the bank's complaint alleging that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore, of which Rs 538.62 crore is outstanding. JIL diverted funds to its subsidiaries, it alleged.