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Synopsis

The Bombay High Court today reprimanded the Serious Fraud Investigation Office (SFIO) for its extended and endless investigation into the alleged fraud committed by Jet Airways founder Naresh Goyal and his wife Anita Goyal, involving a sum of Rs 7,000 crores.

A division bench of the Bombay High Court comprising Justice Revati Mohite Dere and Justice Sharmila Deshmukh was today informed that the investigation, which commenced in 2019, was still ongoing.

The SFIO lawyer informed the court that the investigation was likely to conclude in September 2023, surprising the bench that the investigation had not concluded even after almost four years.

Justice Dere emphasized that the SFIO must bring their investigation to a logical end, stating that investigations cannot go on endlessly without closure. The SFIO counsel, Hiten Venegaonkar, informed the court that the fraud was of a large magnitude and that Naresh Goyal was not cooperating fully with the investigation. The court remarked that the agency also had capable and efficient officers.

The court's comments came during a hearing in which the Goyals had applied for permission to travel abroad.

Venegaonkar stated that the agency was opposing travel for Naresh and Anita Goyal together, but they were agreeable if Anita was willing to travel alone. Venegaonkar pointed out that the agency was opposing Naresh's travel due to his properties in foreign locations and a bailable warrant issued for not complying with the summons in the case.

Senior Advocate Ravi Kadam, appearing for Naresh, opposed the submissions by Venegaonkar, citing Supreme Court judgments where travel was permitted.

Further, Advocate Abad Ponda appearing for Anita Goyal informed the court that Anita Goyal needs to travel with Naresh as she takes care of her medicines. The court was also informed that earlier she had traveled out of India under stringent conditions and had returned to India as per the court’s order.

Ponda further told the court Anita Goyal had been complying with all the summons issued by the investigating agency and was appearing before the agency except for one time when she was sick.

The court concluded that the matter required a detailed hearing for Naresh Goyal’s plea, and the bench would not have time until after the vacation. Consequently, Naresh Goyal would not be able to travel until at least June 2023 court stated.

Since the SFIO was not opposing Anita's travel, the court permitted her to travel. She will be able to travel to the United Arab Emirates (UAE) for a month from April 20 to May 20, 2023.

The three LOCs against Anita Goyal imposed by the ED, SFIO, and SBI were suspended by the court for a month during her travel.

Case Title: Naresh Goyal & Anita Goyal vs Enforcement Directorate