Naresh Goyal, founder of Jet Airways has been in judicial custody since September 14, 2023, in a money laundering case.
On Saturday, he presented himself in court physically; he needed assistance even to stand now. Due to his precarious health, he is feeling helpless and lost all hope. He pleaded with folded hands in front of the judge and said, “It is better to die in jail”. He was also missing his bedridden wife who is suffering from Cancer. He does not want to come out of jail and face his real-life challenges as he is growing old. He also talked about how his knees and legs are getting swollen and going to the hospital for treatment is becoming difficult for him. Earlier, his treatment was going on at J.J Hospital.
Goyal also submitted that his health doesn’t permit him to attend the court personally. This time, Goyal said, he insisted that he be produced before the court so that he would be able to submit everything personally. He said he won’t insist on physical appearance anymore.
Special Judge M G Deshpande said, “The court also directed his lawyers to take appropriate steps from the point of his illness. The court assured him that everything regarding his health would be taken care of.”
‘No Hope, Allow Me to Die in Jail’: Jet Airways Founder Naresh Goyal Breaks Down in PMLA Court #NareshGoyal #JetAirways pic.twitter.com/VO1raAUEhx
— Jananaayakan News (@jananaayakan) January 7, 2024
Naresh Goyal’s life and his downfall
Naresh Goyal (born 29 July 1949) is a non-resident Indian (NRI) businessman and founder Chairman of Jet Airways. He started operating Jet Airways in 1993 with initial seed money from Tail Winds incorporated, Isle of Man. Following the 2005 IPO of Jet Airways, Forbes magazine declared him the 16th richest person in India, with a net worth of US$1.9 billion. He currently does not feature on the Forbes list.
In September 2019, the Enforcement Directorate questioned Goyal for investigating charges of foreign exchange violation against him. He was detained and questioned for money laundering by the ED in 2020
Goyal was arrested by the ED in September 2023 after questioning him for 8 to 10 hours. An FIR had been filed against Goyal based on a complaint by Canara Bank.
The FIR was registered on the bank’s complaint alleging that it had sanctioned credit and loans worth Rs 848.86 crore to Jet Airways (India) Limited of which Rs 538.62 crore was outstanding.
How Jet Airways was founded
Naresh Goyal started operating Jet Airways in 1993 with initial seed money from Tail Winds incorporated, Isle of Man. Following the 2005 IPO of Jet Airways, Forbes magazine declared him the 16th richest person in India, with a net worth of US$1.9 billion. He currently does not feature on the Forbes list.
In 1993, Goyal took advantage of the opening of the Indian economy by the Congress government led by P. V. Narasimha Rao, the then Prime Minister of India and the enunciation of the Open Skies Policy by the Government of India to set up Jet Airways for the operation of scheduled air services on domestic sectors in India. Jet Airways commenced commercial operations on 5 May 1993. Goyal founded Jet Airways (Private) Limited with the objective of providing sales and marketing representation to foreign airlines in India.
Goyal served on the board of the International Air Transport Association (IATA) from 2004–2006. He was re-elected in 2010 with his tenure extending until June 2016. Naresh Goyal stepped down from the Board of Jet Airways on 25 March 2019 along with his wife.
He built an empire with his sheer hard work but brilliant mind for which he also got many awards and rewards such as Amity Leadership Award for Business Excellence, Hall of Fame honour from Hotel Investment Forum of India 2011, CNBC TV18 India Business Leader Awards etcetera.