Jet Airways founder, Naresh Goyal, was arrested on September 1 on money laundering charges.
Jet Airways was founded in April 1992 by Naresh Goyal as a private airline based in Mumbai, India.
They began operations in 1993 with 4 Boeing 737 aircrafts and quickly gained a reputation for its quality of service and punctuality.
In 2004, Jet Airways was the first indian private airline to expand its operations internationally to Southeast Asia, Europe, and North America.
It set new standards for quality in the Indian aviation industry with its superior in-flight amenities, punctuality, and extensive route network.
However, they accumulated debt due to rising operating costs, competition, and economic fluctuations in the aviation industry.
Jet Airways had to file for bankruptcy in 2019, after encountering severe financial difficulties and the inability to repay its debts.
In June 2019, Jet Airways was admitted to insolvency proceedings, and Naresh Goyal eventually lost control of the airline.
Enforcement Directorate arrested Naresh Goyal on 8th September in a Rs 538 crore money laundering case linked to Canara Bank.