Jet Airways Founder Naresh Goyal Tells Mumbai Court He Prefers to Die in Jail

Naresh Goyal, the 75-year-old founder of the now-defunct Jet Airways, has expressed a somber wish to a Mumbai court: to die in jail rather than continue living in his current state. Goyal’s startling statement came during a bail hearing on January 6, after spending almost four months in custody at Arthur Road Prison.

Goyal, who is facing allegations of a massive INR 5.38 billion rupee (USD 64.7 million) fraud involving several Indian banks, including Canara Bank, the now-defunct Punjab National Bank, and State Bank of India, is charged under India’s Prevention of Money Laundering Act (PMLA). The allegations suggest that he and other family members, while serving as directors at Jet Airways, diverted funds intended for the airline’s business operations.

Jet Airways ceased operations in April 2019 amidst debts of around USD 1.2 billion, leaving a significant impact on employees, creditors, suppliers, and the Indian aviation industry. At its peak, Jet Airways was India’s second-largest airline by market share.

The downfall of Goyal and his wife has been marked by a series of legal battles, which saw a turn in mid-2023 with intensified investigations by India’s Central Bureau of Investigation (CBI). Goyal was arrested on September 1 after his homes and workplaces were raided. Subsequent bail applications were denied, with authorities citing the need for further questioning and investigation due to his allegedly evasive responses.

Goyal’s statement at the bail hearing, as reported to Judge MG Deshpande, reflects his dire condition, both in terms of his physical health and his mental state. He reportedly suffers from several medical conditions, worsened by the conditions in the Indian prison system.

Although previous bail attempts have been unsuccessful, the judge has shown some sympathy towards Goyal’s situation. The bail application hearing is set to continue on January 16, potentially offering a new twist in the ongoing legal saga of the former aviation tycoon, once one of India’s richest men with an estimated net worth of USD 1.9 billion.