Jet Airways Founder Naresh Goyal Arrested in Money Laundering Case

1. Naresh Goyal is the former chairman of Jet Airways, an Indian airline that has been grounded since April 2019.

2. In December 2022, the Enforcement Directorate (ED), a central government agency that investigates financial crimes, registered a money laundering case against Goyal and others.

3. The ED alleged that Goyal and others had siphoned off funds from Jet Airways to their personal accounts and companies.

4. On September 1, 2023, the ED arrested Goyal in Mumbai.

5. Goyal was produced before a court, which remanded him in ED custody till September 8.

6. The CBI, another central government agency that investigates crimes, is also probing the case.

7. The CBI has alleged that Goyal and others had diverted Jet Airways funds to their personal accounts and companies, and had also used the airline's money to fund their lavish lifestyles.

8. Goyal has denied the allegations against him.

9. The arrest of Goyal is a major setback for Jet Airways, which is currently undergoing a financial restructuring process.

10. The arrest could further delay the airline's revival.