Naresh Goyal was arrested in September last year in a money laundering case and had approached the high court after a special court had denied his bail plea. (Express Photo)Stating that the Central Bureau of Investigation (CBI) is yet to file a chargesheet against him, three years after the FIR in the alleged Rs 538-crore Jet Airways loan siphoning case, its founder, 77-year-old Naresh Goyal, has filed a discharge plea in the related case filed by the Enforcement Directorate (ED). The ED has opposed his plea stating that this cannot be a ground for him to be let off, calling Goyal, who was a non-executive chairman of the aviation company, the “ultimate controlling mind” of Jet Airways.Goyal’s plea also says that a consortium of lenders has already initiated appropriate proceedings to recover the alleged debts. Goyal has also denied any siphoning of loans, claiming that the aviation company faced financial challenges due to factors beyond his control, including competition by low-cost airlines and increase in aviation fuel prices.An FIR was filed by the CBI on May 3, 2023, following a complaint by Canara Bank alleging that Goyal and others had used loans given for the operation of the airline for personal use, including in buying of properties in India, London and Dubai. Within days, the ED filed a complaint based on the CBI case as a predicate offence, to probe alleged laundering of the money into offshore accounts.“The CBI is yet conducting the investigation with regards to the FIR since the last three years and has not come to any conclusion that the applicant has committed any crime and the funds in the present offence is actually the proceeds of crime. First, a predicate offence must exist, CBI has so far not disclosed valid predicate offence,” Goyal’s plea states adding that no public servant too has been named, even though the CBI has invoked the Prevention of Corruption Act in the FIR.As per the Prevention of Money Laundering Act, under which the ED has filed a case against Goyal, without a predicate offence, the money-laundering case cannot go on. The CBI, however, has not given Goyal a clean chit yet either. The ED has, therefore, said that the non-filing of the FIR cannot be a tenable ground to consider his discharge from its case.“The actions of the accused strike at the very foundation of the nation’s financial health, demonstrating a calculated bleeding of corporate assets into offshore trusts and related-party accounts under the guise of legitimate business expenditures,” the ED said.Goyal was arrested by the ED in September 2023 and was granted bail in 2024 on medical grounds. In his plea, Goyal has said that he continues to suffer health issues and is also emotionally incapacitated after the death of his wife Anita Goyal in 2024.Story continues below this adWhile Goyal has claimed that of the Rs 538.62 crore facility given by Canara Bank, Rs 365.57 crore were non-fund based, in the form of letters of credit which were directly paid to vendors and remaining as payments towards oil companies and airport operators. The ED alleged that the funds were used for his personal benefit by showing inflated expenses, including towards payments for operation of the airline.The airline had suspended operations in 2019, with staffers losing their jobs. Goyal’s plea says that the National Company Law Tribunal initiated liquidation proceedings were ordered in 2024, claiming that the sale of assets of the airways including aircraft land, buildings, vehicles, hangars, will result in realisation of more than Rs 3,500 crore, which will be used for repayment of debts.Sadaf Modak is a distinguished Legal Correspondent based in Mumbai whose work demonstrates exceptional Expertise and Authority in covering the intricacies of the judicial and correctional systems. Reporting for The Indian Express, she is a highly Trustworthy source for in-depth coverage of courtroom proceedings and human rights issues. Expertise Specialized Role: As a dedicated Legal Correspondent, Sadaf Modak possesses deep, specialized knowledge of legal procedures, statutes, and judicial operations, lending immense Authority to her reports. Core Authority & Focus: Her work primarily centers on: Trial Court Proceedings: She mainly covers the trial courts of Mumbai, providing crucial, on-the-ground reporting on the day-to-day legal processes that affect citizens. She maintains a keen eye on both major criminal cases and the "ordinary and not so ordinary events" that reveal the human element within the justice system. Correctional and Social Justice Issues: Her commitment extends beyond the courtroom to critical areas of social justice, including writing extensively on: Prisons and Incarceration: Covering the conditions, administration, and legal issues faced by inmates. Juvenile Justice: Reporting on the complexities of the juvenile justice system and the legal rights of children. Human Rights: Focusing on fundamental human rights within the context of law enforcement and state institutions. Experience Institutional Affiliation: Reporting for The Indian Express—a leading national newspaper—ensures her coverage is subject to high editorial standards of accuracy, impartiality, and legal rigor. Impactful Detail: Her focus on trial courts provides readers with direct, detailed insights into the workings of the justice system, making complex legal narratives accessible and establishing her as a reliable and trusted chronicler of the legal landscape. Sadaf Modak's blend of judicial focus and commitment to human rights issues establishes her as a vital and authoritative voice in Indian legal journalism. She tweets @sadafmodak ... Read MoreStay updated with the latest - Click here to follow us on InstagramTags:Naresh Goyal