Would like to monitor Naresh Goyal case: SC

NEW DELHI: Supreme Court Friday expressed concern over public money being siphoned off by corporate houses and said it was very shocking.

The court should not be lenient towards them, observed a bench of CJI Surya Kant and Justice Joymalya Bagchi while hearing a plea of Bank of India against Jet Airways founder Naresh Goyal on the issue of his bank account being declared "fraud". Solicitor general Tushar Mehta, appearing for the bench, said that the Bombay high court erred in quashing its decision of declaring the account "fraud."

Goyal was arrested by ED in Sept 2023 on charges of laundering money and siphoning off loans worth Rs 538.6 crore extended to Jet Airways.

Goyal's counsel submitted that the HC order was on the basis of concession given by the bank and it couldn't be challenged by it in SC. The lawyer was referring to para 10 of the HC judgment that said, "At this stage stage, Dr Chandrachud has stated on instructions that the Respondent No 1 - Bank - shall not act in furtherance of the earlier classification of the petitioner's account as "fraud" and / or the impugned show cause notice dated 1st July, 2025. The statement is accepted."

But the bench said that allegation was very serious and it would "like to monitor the proceedings" to find out where the "money had been parked". The court, after a brief hearing, deferred the proceedings on request of the solicitor general. The HC had quashed the show cause notice issued by the bank to Goyal on July 1, 2025 but granted the bank liberty to issue a fresh show cause notice.

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