All you need to know about the Rs. 500 Crore property seizure of Jet Airways and its promoters

In a significant development, the Enforcement Directorate (ED) has seized properties with an estimated value of over ₹500 crore as part of an alleged money laundering investigation linked to Jet Airways (India) Ltd. The assets comprise an array of 17 residential flats, bungalows, and commercial buildings registered under various companies and individuals' names. The properties span locations including London, Dubai, and multiple states within India.

Among those whose names are associated with these assets are Jet Airways' founder, Naresh Goyal, as well as his wife, Anita Goyal, and their son, Nivaan Goyal. Additionally, properties are registered under Jetair Pvt Ltd and Jet Enterprises Pvt Ltd.

The Enforcement Directorate initiated action by attaching these properties under the Prevention of Money Laundering Act (PMLA), 2002. This marks a significant step in the ongoing investigation into financial irregularities surrounding the grounded airline.

The ED recently filed a chargesheet against Mr. Naresh Goyal and five others concerning an alleged fraud case originally filed by Canara Bank. According to the bank's first information report (FIR), it had provided credit limits and loans to Jet Airways amounting to ₹848 crore, with ₹538 crore remaining unpaid.

Mr. Naresh Goyal was apprehended by the ED on September 1 under the PMLA, and he is currently incarcerated in Mumbai's Arthur Road jail. The ED's investigation suggests that the Jet Airways founder misappropriated funds by establishing trusts in foreign countries and utilizing them to acquire immovable properties. The ED contends that the funds held in these trusts constitute the proceeds of criminal activities.