Naresh Goyal

Goyal applied to be discharged from the PMLA case, arguing that the CBI had not established the predicate offence through a charge sheet after three years. The ED opposed the application and maintained that Goyal was the “controlling mind” of the alleged diversion scheme.

State of the evidence

Documented

Legal status — source text

discharge_application_pending; no_CBI_chargesheet_as_of_reporting

Following a complaint by Canara Bank, the CBI registered an FIR alleging that credit facilities granted to Jet Airways had been diverted through personal expenses, payments to related entities and other mechanisms. The ED subsequently registered a PMLA case and conducted searches.

State of the evidence

Documented

Legal status — source text

criminal_investigation_pending_no_CBI_chargesheet_as_of_2026_09

Attribution

Accused

During Jet Airways' crisis, lenders commissioned a forensic audit from EY and the government requested access to its findings. Sources indicate that the audit raised questions about transactions involving entities linked to Goyal; the SFIO and other authorities examined possible diversion of funds.

State of the evidence

Documented

Attribution

Directly implicated

Under pressure from creditors and amid a severe cash flow crisis, Goyal left the Jet Airways board. A few weeks later, the airline suspended all operations for lack of financing.

State of the evidence

Documented

Attribution

Directly implicated

While aboard an Emirates flight to Dubai, Goyal and his wife were removed from the aircraft following intervention by authorities. Sources indicated that a look-out circular requested by the Ministry of Corporate Affairs prevented his departure.

State of the evidence

Documented

Attribution

Directly implicated

The ED searched several sites linked to Goyal as part of a FEMA investigation into the group's investments and payments. The agency said it was examining tax evasion schemes and potentially fictitious or inflated foreign payments.

State of the evidence

Allegations

Attribution

Directly implicated

The initial plan to acquire Air Sahara for 2,000 crore failed and was renegotiated in 2007 at 1,450 crore. A dispute subsequently arose over withheld deposits and tax debts, with Sahara demanding a return to the original price; several enforcement proceedings and appeals followed.

State of the evidence

Documented

Attribution

Directly implicated