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Jet Airways / Naresh Goyal Bank Fraud | Report Scams

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courtBanking / Loan FraudMumbai, Maharashtra

Jet Airways / Naresh Goyal Bank Fraud

Jet Airways, an Indian full-service airline incorporated in April 1993, grew to become one of the country's largest carriers with extensive domestic and international operations. The airline faced intense competition from low-cost carriers such as SpiceJet and IndiGo, leading to lower ticket fares, steep financial losses, and a significant drop in passenger market share.

State

Maharashtra

First reported

September 2023

Last activity

2025

Amount alleged

₹538+ Cr (alleged)

Main Hub

Chhatrapati Shivaji Maharaj International Airport, Mumbai

Agency involved

National Company Law Tribunal and Supreme Court of India

Status

Ordered for liquidation

The full story

Everything you need to know about this case, in one place.

The airline's financial struggles culminated in bankruptcy and the cessation of all flight operations on 17 April 2019. Following the shutdown, acquisition efforts were made by the investment company Kalrock in 2020, but these plans faced ongoing delays due to financial issues and legal proceedings with the National Company Law Tribunal.

After prolonged attempts to revive the airline over several years, the Supreme Court of India ultimately ordered the liquidation of Jet Airways on 7 November 2024. Throughout its history, the company had engaged in major fleet expansions, international route launches, a public offering in 2005, and a 2013 stake sale to Etihad Airways.

Not yet reported: The provided articles do not contain details regarding specific banking fraud charges or the alleged ₹538+ crore amount mentioned in the case tracker.

Where the case stands

The latest position in the reports we read.

The Supreme Court of India ordered the liquidation of Jet Airways on 7 November 2024 after years of delayed resuscitation plans and ongoing proceedings with the National Company Law Tribunal.

Who was affected

Described in general terms; we do not name victims.

Airline employees, including 1,900 workers briefly laid off in 2008, and passengers affected by the cessation of flight operations in 2019.

Timeline

Key dates as reported, oldest first.

April 1993Jet Airways was incorporated as a limited liability company and began operations as an air taxi operator.

January 1995The company was granted scheduled airline status.

December 2004Jet Airways became a public company listed on the Bombay Stock Exchange.

February 2005The airline held an initial public offering that raised ₹18.9 billion.

April 2007Jet Airways acquired Air Sahara, which was subsequently renamed JetLite.

17 April 2019Jet Airways ceased all flight operations amid bankruptcy.

2020The investment company Kalrock acquired Jet Airways with plans to resume operations.

7 November 2024The Supreme Court of India ordered the liquidation of the airline.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

en.wikipedia.orgOriginal report Primary source / searchen.wikipedia.org Naresh Goyal claims market conditions caused Jet Airways' fall; ED says he 'bled airline to death' - The New Indian ExpressThe New Indian Express · 4 Sept 2026

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.