PMLA Court Denies Bail to Jet Airways Founder Naresh Goyal Despite Health Concerns

In a recent development, a special PMLA (Prevention of Money Laundering Act) court has refused to grant bail to Jet Airways founder Naresh Goyal, who has been battling cancer. Despite his deteriorating health condition, the court deemed it unjustified to release him on medical grounds at this stage, asserting that he was receiving optimal care at the hospital.

The decision came on Thursday, with Special Judge MG Deshpande stating that granting bail solely for medical reasons may not be justified, considering the level of care Goyal was currently receiving at the Sir H N Reliance hospital, where he has been undergoing treatment for the past two months.

Goyal’s plea for bail highlighted his declining mental health and emphasized the potential risk to his life without immediate medical intervention. However, the Enforcement Directorate (ED) opposed his application, alleging that it was a tactic to delay the trial proceedings. The ED argued that there had been no significant change in Goyal’s health status since his earlier bail application was rejected.

Refuting Goyal’s claim about the severity of his condition, the ED pointed out that the hospital had not categorized his illness as life-threatening. The court concurred with the ED’s stance, emphasizing that hospitalization provided the best course of action for Goyal’s well-being, as adequate care would not be feasible at home or in jail.

Naresh Goyal was arrested by the ED in September 2023 in connection with an alleged bank loan fraud amounting to ₹538 crore. The ED’s case is based on a FIR filed by the Central Bureau of Investigation (CBI) against Jet Airways (India) Ltd, Goyal, his wife Anita, former company executive Gaurang Ananda Shetty, and others.

According to the ED, Jet Airways had taken a loan from a consortium of banks for operational expenses, with a significant portion remaining unpaid. A forensic audit revealed diversion of funds totaling over ₹3,000 crore, purportedly for consultancy fees and loan repayment to a sister concern.

While Goyal’s health remains a concern, the legal battle surrounding the alleged financial irregularities at Jet Airways continues to unfold, underscoring the complexities of corporate governance and accountability in the aviation sector.

If you like this law news, share it with a friend!