On Friday, Jet Airways founder Naresh Goyal was arrested in the Rs 538 crore Canara Bank fraud case.

Goyal was taken into custody under the Prevention of Money Laundering Act (PMLA) following hours of questioning at the central agency’s office in Mumbai.

The 74-year-old is expected to be produced before a special PMLA court in Mumbai on Saturday where the ED will seek his custodial remand.

The case is reportedly based on an FIR registered by the CBI earlier in May this year. On May 5, CBI officials conducted searches at seven locations in Mumbai, including Goyal’s residence and offices.

The FIR said that a written complaint filed on November 11 last year alleged cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct by Goyal. The complaint, signed by P Santosh, Chief General Manager, Canara Bank, also mentioned Anita Naresh Goyal, Gaurang Ananda Shetty, unknown public servants, and others, causing a wrongful loss of Rs 538.62 crore to the bank.

Jet Airways shut operations in April 2019 after flying for around 25 years.