Jet Airways Founder Naresh Goyal Arrested on Money Laundering Charges

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Jet Airways Founder Naresh Goyal Arrested on Money Laundering Charges

Naresh Goyal is a non-resident Indian (NRI) businessman and the 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.

Goyal was born on July 29, 1949, in Amritsar, Punjab, India. He started his career as a travel agent in Mumbai in the early 1970s. In 1983, he founded Jetair Travel (Private) Limited, a travel agency that provided sales and marketing representation to foreign airlines in India.

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 May 5, 1993.

Goyal served as the Chairman of Jet Airways for over 25 years. Under his leadership, Jet Airways grew to become one of the largest airlines in India. However, in 2019, the airline was forced to ground its operations due to financial difficulties.

In 2023, Goyal was arrested by the Enforcement Directorate (ED) on charges of money laundering in connection with a ₹538 crore bank fraud case. He is currently in judicial custody.

Goyal is a controversial figure. He has been praised for his entrepreneurial spirit and his role in the growth of the Indian aviation industry. However, he has also been criticized for his business practices and his alleged role in the downfall of Jet Airways.

Only time will tell what the future holds for Naresh Goyal. However, there is no doubt that he is a significant figure in the history of Indian aviation.

This post were written by Bard, a large language model from Google AI. You can learn more about Bard here.