The Enforcement Directorate (ED) has claimed that Naresh Goyal, even after resigning from the post of chairman of Jet Airways Private Limited (JAPL) in March 2019, sold and disposed of 23 properties which were owned by the company and the proceeds of sale was transferred to personal account of his family members.
Proceeds transferred to accounts of family members
The ED in its complaint filed earlier this week has said that from 2016 till August this year Goyal has disposed of a total of 33 properties which were owned by JAPL across the country and sale proceeds were transferred to the accounts of his family members.
JAPL
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JAPL was set up in 1974 and has been a general sales agent (GSA) of airlines prominently international airlines. At one point of time, it was GSA to as many as 17 international airlines. In the year Goyal incorporated Jet Airways (India) Limited (JIL). The GSA business of JAPL was completely stopped in July 2020 and the rental of approximately Rs30 lakh a month from its properties was its only source of income.
ED further said, “It is emerged that several properties owned by JAPL, Jet Hotels and National Travel Services have already been sold/ transferred/ alienated by the companies under the management and control of Goyal.” The last property - Thappar House, in Chennai - was sold on August 13, fifteen days before his arrest, the agency added. The agency alleged that sale of properties began in 2016-17 and it was intensified after 2019 -20 following the shutting down of operations of the airline.
"Goyal used JAPL as his proprietorship concern"
The ED claimed, "Goyal used JAPL as his proprietorship concern and utilised the investments, properties of the company on his own free will. To keep the investments/assets of this company intact, he kept on infusing funds siphoned from JIL for a long period till the situation was under his control in JIL. However, as soon as his position in JIL was jeopardised, he started utilising the long-secured investments / assets of JAPL for his own financial benefits and business plannings.”
The agency claimed that from 2019 to August this year Goyal disposed off around 23 properties, list of which has been attached by ED in its complaint. Further, ED has cited details of four properties which Goyal sold from August 2022 which earned him Rs7.24 crore. The money was transferred to the accounts of his wife Anita and daughter Namrata.
The agency stated, “This clearly depicts that Goyal with male-fide intention is trying to alienate properties which belong to the company to cause wrongful gain to his family members." Goyal had resigned from the post of non-executive director and non-executive chairman of Jet Airways in March 2019, while JIL defaulted payment of loans availed by it from banks from December 2018. The airline suspended its operations with effect from April 2019.
Properties Siphoned
2016 till August, 33 properties which were owned by JAPL across country.
The general sales agent business of JAPL was stopped in July 2020.
Sale of properties began in 2016-17 and it was intensified after 2019 -20 following the shutting down of operations of the airline.
The last property - Thappar House, in Chennai - was sold on August 13, 15 days before Goyal's arrest.
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