In Nov 29, 2017, file photo, Jet Airways Chairman Naresh Goyal sits during a press conference to announce the signing of enhanced cooperation agreement with Air France-KLM in Mumbai, India. (PHOTO / AP)

NEW DELHI - India's enforcement directorate arrested Jet Airways' founder Naresh Goyal in an alleged bank fraud case totaling around $65.06 million, which was related to Canara Bank.

The agency responsible for enforcing economic laws and fighting economic crime in India arrested Goyal Friday night following a thorough questioning at the ED's office in Mumbai.

According to local media reports, Jet Airways' founder Naresh Goyal will likely be produced before a special Prevention of Money Laundering Act court in Mumbai on Saturday

According to local media reports, the 74-year-old Goyal will likely be produced before a special Prevention of Money Laundering Act court in Mumbai on Saturday.

A complaint was filed by Canara Bank against the airline, Goyal, his wife and a former airline director, stating that a credit limit facility to Jet Airways was sanctioned, but the airline defrauded the bank of $65.06 million.

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Based on the complaint, India's premier investigating agency Central Bureau of Investigation filed a police case in this regard in May, following which ED conducted raids at multiple locations in Delhi and Mumbai in July.

Jet Airways shut operations in 2019 due to massive financial distress and laid off thousands of employees.

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It tried to revamp itself under new owners and restart operations in 2022. However, the resolution plan to lift the airline out of bankruptcy could not materialize due to disagreement with creditors.