CBI searches Jet Airways offices, Naresh Goyal's residence in bank fraud case

New Delhi, May 5 The Central Bureau of Investigation (CBI) on Friday carried out searches at the old offices of Jet Airways and the residence of its founder Naresh Goyal in the Rs 538 crore bank fraud case, sources said.

The sources said that they had registered a case of bank fraud on a complaint from Canara Bank.

A source in the know of things said that allegations pertain to alleged diversion of funds among other irregularities. It caused a gain for the accused.

"The company was in the process of revival after Jalan Kalrock Consortium won the bid for Jet Airways under the insolvency resolution process," said the source.

"The CBI team is carrying out searches at seven locations in Mumbai on residential and office premises of Jet Airways and the accused named in the case," a CBI source told .

The source said that the agency sleuths also carried out searches at the residential premises of Goyal and some other officials of Jet Airways in connection with the bank fraud case involving Canara Bank.

In April 2019, Jet Airways suspended its operations due to a severe cash crunch and mounting debt. Jet Airways once used to be India's largest private carrier.

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