Jet Airways founder Naresh Goyal (Image: Wikimedia Commons) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The Bombay High Court has set aside Bank of India's move to classify Jet Airways founder Naresh Goyal's account as "fraud," as per news agency ANI . The ruling by Justice RI Chagla also struck down all subsequent actions arising from the classification, including the bank's reporting of Goyal's account as fraudulent to central agencies.

Goyal, who was arrested by the Enforcement Directorate in September 2023, faces allegations of laundering and siphoning loans worth Rs 538.62 crore extended to Jet Airways by Canara Bank. Goyal used the majority of the loan given to airlines—Rs 538 crore out of Rs 849 crore—for his personal expenses, according to the complaint. The

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