A day after the arrest of former Jet Airways chairman Naresh Goyal under the provisions of Prevention of Money Laundering Act in the Rs 538 crore Canara Bank fraud case, the Enforcement Directorate (ED) on Saturday said the total non-performing asset (NPA) against the Group is to the tune of about Rs 6,000 crore.

The ED initiated investigation on the basis of FIR registered by CBI  against Jet Airways (India) Ltd (JIL),  Naresh Goyal and others, alleging therein offences of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct committed by them.  In the FIR, it is alleged that Goyal in connivance with the other accused persons cheated Canara Bank by siphoning off bank funds with the help of its subsidiaries by showing bogus expenses, and illegally diverting the loan proceeds as indicated by the E&Y’s Forensic Audit Reports and thereby caused a loss to the tune of Rs 538.62 crore to the Canara Bank, the ED said in a statement

The total NPA of the group is much more and similar modus operandi has been used to cause the NPA, the agency alleged:The ED said the company cause NPA to the tune of Rs 1,636.23 crore to the State Bank of India, Rs 1,084.44  crore to Yes Bank, Rs 956.11 crore to Punjab National Bank, Rs 594.43 crore to IDBI Bank, Rs 543.61 crore to Canara Bank, Rs 529.05 crore to ICICI Bank including ICICI-UAE, Rs 266.12 crore to Bank of India, Rs 171.74 crore to Indian Overseas Bank and Rs 169.73 crore to the Syndicate Bank. The total outstanding NPA against the Group is Rs 5,951 .46 crore.

The ED had conducted searches on July 19 at multiple locations, including the Chartered Accountants and consultants to whom large payments had been made by JIL over the years and which were red flagged in the forensic audit reports, the ED said.

ED collected a large amount of incriminating documents and Goyal was summoned on two occasions, but failed to appear before the ED.

ED investigation revealed that in the garb of professional and consultancy, dubious expenses to the tune of Rs 1,000 crore were booked, personal expenses of Goyal and his family members were booked in the company, and unaccounted transactions have been credited to the foreign accounts of the promoters.

Jet Airways (I) Limited has also diverted funds to overseas entities based in Dubai, Ireland and other tax haven countries including British Virgin Islands, in the garb of General Selling Agents commission, which was paid to related parties and the entities connected to Goyal and his associates, it further alleged.

Goyal was produced before the PMLA Special Court, Mumbai that has granted his custody to the ED for 10 days.