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YES Bank case: Jet Airways founder Naresh Goyal appears before ED in Mumbai

Jet Airways' loan exposure to the crisis-ridden Yes Bank is about Rs 550 crore.

Press Trust of India  |  Mumbai 

Naresh Goyal
Goyal was first summoned by the central probe agency on March 18 but he cited the reason of tending to an ill relative for skipping the summons.

founder on Saturday appeared before the in connection with a money laundering probe against promoter and his family members, officials said.

They said Goyal's statement will be recorded by the investigating officer of the case under the Prevention of Money Laundering Act (PMLA) at its office in Ballard Estate here.

Jet Airways' loan exposure to the crisis-ridden is about Rs 550 crore.

Goyal was first summoned by the central probe agency on March 18 but he cited the reason of tending to an ill relative for skipping the summons.

He was given a fresh time and deposed Saturday, they said.

ALSO READ: YES Bank crisis: Court sends Rana Kapoor to judicial custody till April 2

The agency initiated action against Kapoor and his family members and raided him soon after the Reserve Bank imposed a moratorium on the "stressed" earlier this month.

Normal banking operations for Yes Bank customers were re-started on Wednesday.

Kapoor, 62, was arrested by the ED in Mumbai on March 8 and at present he is in judicial custody.

The ED has grilled Reliance Group Chairman Anil Ambani and Peter Kerkar of Cox & Kings company.


ALSO READ: Rana Kapoor, hard-driving executive who rarely said no to giving loans

The probe agency has accused Kapoor, his family members and others of laundering "proceeds of crime" amounting to Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later allegedly became a non-performing asset (NPA).

As many as 44 belonging to 10 large business groups reportedly accounted for bad loans totalling Rs 34,000 crore of Yes Bank.

Goyal, the former chairman of the now defunct airline, is already facing a separate criminal probe under the PMLA and also a foreign exchange violations case being investigated by the ED.

A full-service carrier, shut its operations in April last year after running out of cash.

A month earlier, Goyal had stepped down as the chairman of

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CARE Ratings has downgraded the rating for debentures of Morgan Credits Pvt Ltd (MCPL), an entity connected with family, from “BBB- “to “BB” on delay in monetisation of identified investments.

The delay in timely monetisation could be further exacerbated by the ongoing investigation of the promoters of MCPL by the (ED) and Central Bureau of Investigation.

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First Published: Sat, March 21 2020. 15:31 IST
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