Jet Airways founder Naresh Goyal reportedly “broke down” in court while facing charges for money laundering after spending over a week in custody.

What Happened: Goyal broke down in a PMLA (Prevention of Money Laundering Act) court and asked to be taken to a hospital, the Economic Times reported.

Goyal’s custody with the Enforcement Directorate (ED) ended on Monday and he was taken to the special prevention of money-laundering court in Mumbai over allegations of a ₹538 crore fraud.

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This comes after he was placed in ED custody until September 11 earlier this month. The ED, in its bid for his remand, asserted that funds borrowed by the now-defunct Jet Airways (India) from Canara Bank were not used for legitimate purposes but instead diverted to buy items like furniture, clothing, and jewellery.

Jet Airways funds were also purportedly channelled to cover the salaries of Goyal’s domestic staff and meet operational expenses for a production company owned by his daughter.

Goyal was arrested by the ED based on a first information report initially filed by the Central Bureau of Investigation (CBI) back in May this year. The FIR named Jet Airways (India) Limited, Naresh Goyal, his wife Anita Naresh Goyal, Gaurang Ananda Shetty, along with unnamed public servants and private individuals as accused parties.

Price Action: Jet Airways’ share price was down 4.95% at ₹57.65 in afternoon trade on Monday.

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