Naresh Goyal, born in 1949, is a non-resident Indian (NRI) businessman and the founder of Jet Airways. He started operating Jet Airways in 1993, and the company’s IPO in 2005 made him the 16th richest person in India. Goyal is no longer on the Forbes list of richest people, but he remains an influential figure in the Indian aviation industry.
Naresh Goyal arrest on Nov 2023 was done due to money laundering allegation by Canara Bank.
Naresh Goyal Biograph & Basic info
| Date of Birth: | July,29,1949 |
| Birth Place: | Sangrur, Punjab, India |
| Age: as 2023 | 74 years |
| Height : | 5 ft 7in |
| Weight : | 72 kg |
| Home town : | Sangrur, Punjab, |
Childhood
Naresh Goyal was born in Sangrur, Punjab, in 1949, into a jeweler’s family. His childhood was marked by tragedy when his father died at a young age. He studied up to the sixth standard at Government Raj High School for Boys, but when his family went through an economic crisis at age eleven, their house was auctioned and he was forced to live with his mother’s uncle. Despite these challenges, Goyal persevered and earned a Bachelor of Commerce degree from Government Bikram College of Commerce in Patiala.
Struggle and Challenges
| Graduation | Commerce, Bikram College of Commerce Patiala |
Naresh Goyal’s journey to becoming one of India’s most successful aviation entrepreneurs began humbly in 1967, when he started his career as a cashier in his uncle’s travel agency for a starting salary of Rs 300 a month. Despite the meager pay, Goyal worked hard and learned every aspect of the travel business.
In 1969, he was appointed the public relation manager of Iraqi Airways, and from 1971 to 1974, he served as the regional manager for Royal Jordanian Airlines. During this period, he also worked with the Indian offices of Middle East Airlines, where he gained valuable experience in ticketing, reservations, and sales.
In 1974, with a seed investment of £500 from his mother, Goyal started his own travel agency, Jetair, which represented airlines such as Air France, Austrian Airlines, and Cathay Pacific. Goyal’s entrepreneurial venture was a success, and in 1975, he was appointed the regional manager of Philippines Airlines in India.
Goyal’s dream of starting his own airline took flight in 1993 with the launch of Jet Airways. Jet Airways quickly became one of India’s leading airlines, and Goyal was hailed as a pioneer of the Indian aviation industry. However, in 2019, Jet Airways was forced to ground its operations due to financial difficulties. Goyal stepped down from the board of Jet Airways, but his legacy as a visionary entrepreneur remains.
Naresh Goyal Arrest
Naresh Goyal, the founder and former chairman of Jet Airways, is facing allegations of money laundering in connection with a bank fraud case. The Enforcement Directorate (ED), which is investigating the case, has accused Goyal of siphoning off funds from Jet Airways and using them to purchase assets abroad, including properties and aircraft.
The ED has also alleged that Goyal used shell companies and trusts to launder money. In september 2023, the ED arrested Goyal , in connection with the case.
In November 2023, the ED filed a charge sheet against Goyal, his wife, and others, alleging that they had defrauded Canara Bank of Rs 538 core. The charge sheet also alleges that Goyal and his associates used the proceeds of the fraud to purchase assets in India and abroad.
Goyal has denied the allegations against him and has said that he is cooperating with the investigation. The trial in the case is ongoing.
Achievements & Award
Naresh Goyal, the founder and former chairman of Jet Airways, has received numerous awards and accolades for his contributions to the aviation industry. Some of his most notable achievements include:
- Lifetime Achievement Award from the Travel Agents Association of India (2010)
- TATA AIG Lifetime Achievement Award (2007)
- Travel Entrepreneur of the Year award from the TTG Travel Awards (2007)
- Man of the Year Award from the Aviation Press Club (2008)
- India Business Leader Award from CNBC TV18 (2009)
- International Entrepreneur of the Year award from the Asian Voice (2009)
- Commandeur of the Order of Leopold II from the Kingdom of Belgium (2011)
- Amity Leadership Award for Business Excellence (2012)
- Hall of Fame honor from the Hotel Investment Forum of India (2011)
- Entrepreneur of the Year Award for Services from Ernst & Young (2010)
- Aerospace Laurels for outstanding contribution in the field of Commercial Air Transport ( 2004)
Family & Relation
| Religion | Hinduism |
| Parents | Details of parents is unknown |
| Marital Status | Married |
| Wife / Husband | Anita Goyal |
| Children | Two |
| Son | Nivaan Goyal |
| Daughter | Namrata Goyal |
| Sibling | Surinder Kumar Goyal ( Brother) |
Naresh Goyal Net Worth
Naresh Goyal, the founder and former chairman of Jet Airways, has a net worth of around Rs.520 cr. He has accumulated his wealth through his successful career in the aviation industry.
Social Media Engagement
| Naresh Goyal Facebook | not avialable |
| Naresh Goyal Twitter | Naresh @Twit |
| Naresh Goyal Linkedin | Not avialable |
| Naresh Goyal Wikipedia | Naresh @Wiki |
Controversy
- Allegations of money laundering and fraud in connection with the Jet Airways saga: Goyal and his associates are accused of siphoning off funds from Jet Airways and using them to purchase luxury assets abroad. The Enforcement Directorate (ED) is investigating the case and Goyal has been arrested and charged.
- Nepotism and cronyism: Goyal has been accused of nepotism and cronyism in his management of Jet Airways. He has been criticized for appointing his wife and son to senior positions in the company, even though they had no relevant experience. He has also been accused of awarding contracts to companies owned by his friends and family.
Interesting Facts about Naresh Goyal
He was a travel agent before founding Jet Airways: Goyal started his career as a travel agent in New Delhi in the early 1980s. He worked for a number of travel companies before founding his own company, Jet air Travel, in 1985.
He was inspired to start Jet Airways by Air India: Goyal was dissatisfied with the level of service offered by Air India, the national carrier of India at the time. He decided to start his own airline to offer a better customer experience.
He was the first Indian entrepreneur to raise money from foreign investors: Goyal was successful in raising money from foreign investors for Jet Airways, which was a rarity for Indian companies at the time. This helped Jet Airways to quickly expand its fleet and network.
He was a pioneer in low-cost flying in India: Goyal was one of the first Indian airline entrepreneurs to introduce low-cost flying in India. He launched Jet Lite, a low-cost subsidiary of Jet Airways, in 2005.
In Conclusion overall, Despite the downfall of Jet Airways, Naresh Goyal remains a respected figure in the Indian business world. He is known for his entrepreneurial spirit and his vision for the Indian airline industry.
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FAQ
Q1. Where is Naresh Goyal now?
Ans. Naresh Goyal is currently lodged in Mumbai Central Prison, popularly known as Arthur Road jail. According to the Enforcement Directorate, he did not provide any documents pertaining to his bank details and properties during the investigation.
Q2. who is Naresh goyal?
Ans. Naresh Goyal is an Indian businessman who founded Jet Airways, India’s second-largest airline, in 1993.
Q3. What dose Naresh Goyal son facing?
Ans. Naresh Goyal’s son, Nivaan Goyal, is currently facing criminal charges in India for alleged money laundering offenses related to the collapse of Jet Airways. He is accused of receiving crores of rupees in payments from the airline for consultancy services that were never provided. He is also accused of being involved in the diversion of funds from Jet Airways to offshore accounts.
Q4. What is the Naresh Goyal Net Worth in Rupees ?
Ans. According to Trendlyne, Naresh Goyal’s publicly held shares are worth over Rs. 527.8 crore as of September 30, 2023.
Q5.Why is Naresh Goyal arrest?
Ans. Naresh Goyal was arrested on September 1, 2023 by the Enforcement Directorate (ED) in connection with an alleged money laundering case linked to loans and credit lines given to Jet Airways by Canara Bank.