Naresh Goyal Bio, Net Worth, Jet Airways Founder, Fraud, Arrested News

Naresh Goyal is an Indian industrialist and the founder chairman of Jet Airways, the famous airline of India. He founded Jet Airways in 1993. Currently, Jet Airways operates over 300 flights daily from 74 destinations. At present Jet Airways is the second largest airline in India. Naresh Goyal’s name is also included in the list of India’s richest people/billionaires released by Forbes magazine. To know the exact Net Worth of Naresh Goyal (Jet Airways Founder) including his Biography and Fraud/ Arrested News. Keep on reading this post ahead

Naresh Goyal Bio (Wiki)

He was born in 1949 in the house of a jeweler at Nabha Gate in Sangrur, Punjab. He received his education till class 6 from a government school (Raj High School for Boys). When he was 11 years old, his family faced serious financial difficulties and their house was also auctioned. After that Naresh started living at his mother’s uncle’s house. At the age of 18, he took a teaching degree. You will get all the information on Naresh Goyal’s Bio, Net Worth, and many more in this article. So be with us throughout the article to know all the information.

Naresh Goyal Bio

Naresh Goyal Biography- Highlights

Name Naresh Goyal
DOB 29 December 1949
Nationality Indian (NRI)
Occupation Founder and Former Chairman of Jet Airways
Year Active 1967-2019
Net Worth $600 million (As per official reports)
Current Value NA
Spouse Anita Goyal
Children Nivaan Goyal and Namrata Goyal

Naresh Goyal Bio (Jet Airways Founder)

He started his career as a cashier. He started working for his maternal uncle Seth Charan Das Ram Lal. His maternal uncle had a travel agency business. Naresh Goyal, after completing his graduation in commerce in 1967, started working as a General Sales Agent for Lebanon International Airlines. From 1967 to 1974, he learned the intricacies of the airline business by working with several foreign airlines. Naresh Goyal established Jet Air (Private) Limited in May 1974 to look after the sales and marketing operations of foreign airlines in India. Naresh Goyal worked on important aspects like traffic patterns, route structures, and operational economics, and flight scheduling. His experience and knowledge of the nuances of the airline business made him an important figure in the Indian aviation industry.

Naresh Goyal’s Net Worth

The year 2002 was historic for Jet Airways. Because this year the moment came when it left behind Indian Airlines in terms of Indian market share. In 2005, the airline entered the capital market and with a 20 percent stake, Goyal’s net worth crossed Rs 8,000 crore. After the IPO of Jet Airways, Forbes magazine declared Naresh Goyal as the 16th richest person in India.

The year 2012 marked a turning point in India’s aviation sector when IndiGo finally overtook Jet Airways in terms of local market share. In about a decade, the sheen of Jet Airways started to fade. Around the same time, a falling rupee and rising oil prices made it difficult for airlines. As the crisis escalated, only a series of government relief packages kept Air India afloat. An airline like Kingfisher fell from the sky to the ground.

Naresh Goyal Fraud, Arrested News

  • According to Indian intelligence agencies, in 2000, Naresh Goyal-led Jet Airways was given Don Dawood Ibrahim funds. However, this was rejected and the government granted him security clearance.
  • In March 2020, the Enforcement Directorate detained him under the Foreign Exchange Management Act (FEMA) for suspicious transactions involving 19 privately held firms linked to Goyal (14 registered in India and 5 registered abroad).
  • On 19 July 2023, the ED raided Naresh Goyal and his associates in Delhi and Mumbai. Earlier, on 14 July 2023, the CBI had registered an FIR against Goyal, his wife, and others in an alleged bank fraud of Rs 538 crore.
  • The Enforcement Directorate (ED) arrested Jet Airways founder and former chairman Naresh Goyal on 1 September 2023 in a money laundering case related to the alleged ₹538 crore fraud at Canara Bank.

In January 2019, there were clear indications as to which way Jet was headed. The airline delayed repaying bank loans, leading to a rating downgrade. By mid-March, the bigger picture became so clear that Goyal could no longer ignore it. He asked his 24 percent partner Etihad to invest Rs 750 crore, in response to which Etihad said it would sell its entire stake if it got Rs 150 per share. Etihad was Naresh Goyal’s last hope. After his refusal, all the doors were closed for Goyal. A few days later, he along with his wife got down from the airline that he had started some 25 years ago, thus bringing the jet from sky high to the ground.

FAQs About Naresh Goyal

1. Who is Naresh Goyal?
Ans. Naresh Goyal is an Indian industrialist and the founder chairman of Jet Airways.

2. Why Naresh Goyal was arrested?
Ans. Because of the ₹538 crore fraud at Canara Bank.

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