{"id":61738,"date":"2025-10-03T17:23:13","date_gmt":"2025-10-03T11:53:13","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=61738"},"modified":"2025-10-03T17:23:14","modified_gmt":"2025-10-03T11:53:14","slug":"court-sets-aside-fraud-tag-on-jet-airways-founder-naresh-goyals-bank-account","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/court-sets-aside-fraud-tag-on-jet-airways-founder-naresh-goyals-bank-account","title":{"rendered":"Court sets aside fraud tag on Jet Airways founder Naresh Goyal&#8217;s bank account"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<p>The Bombay High Court has quashed the \u201cfraud\u201d classification imposed by Bank of India on the account of Jet Airways founder Naresh Goyal, ruling that the lender failed to follow due process and principles of natural justice before arriving at its decision.<\/p>\n\n\n\n<p>In a detailed order, a division bench of Justices R.I. Chagla and F.P. Dubash held that under the Reserve Bank of India\u2019s Master Directions on Frauds, banks must share the findings of a forensic audit report with borrowers and provide them an opportunity to present their case before designating an account as fraud.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Due process not followed<\/h3>\n\n\n\n<p>The court noted that Bank of India issued two show-cause notices to Goyal\u2014first on December 30, 2024, and then on July 1, 2025. However, both fell short of the legal requirements.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The December notice was issued without sharing the forensic audit report.<\/li>\n\n\n\n<li>Although the July notice did enclose the audit findings, Goyal was not given a chance to represent his case before the classification.<\/li>\n<\/ul>\n\n\n\n<p>\u201cThe mere re-examination of the earlier classification of the petitioner\u2019s account as fraud does not meet with the rule of <em>audi alteram partem<\/em>,\u201d the bench observed, citing the Supreme Court\u2019s ruling in <em>Rajesh Agarwal &amp; Ors.<\/em>, which affirms the right to be heard as a fundamental element of natural justice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Court\u2019s ruling<\/h3>\n\n\n\n<p>The judges stressed that the July 1 notice \u201cappears on the face of it to be contrary to the principle of natural justice\u201d and reiterated that any fraud classification must be preceded by strict adherence to the rule of <em>audi alteram partem<\/em>\u2014Latin for \u201chear the other side.\u201d<\/p>\n\n\n\n<p>Accordingly, the High Court set aside the July notice and directed the Bank of India not to act on its earlier fraud designation of Goyal\u2019s account. However, the bank has been permitted to issue a fresh notice if it wishes to proceed, provided it complies fully with the requirements of natural justice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bombay High Court has quashed the \u201cfraud\u201d classification imposed by Bank of India on the account of Jet Airways founder Naresh Goyal, ruling that the lender failed to follow due process and principles of natural justice before arriving at its decision. In a detailed order, a division bench of Justices R.I. Chagla and F.P. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":61739,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-61738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Court sets aside fraud tag on Jet Airways founder Naresh Goyal&#039;s bank account - Legal News India - Supreme Court &amp; High Court Updates<\/title>\n<meta name=\"description\" content=\"The Bombay High Court has quashed the \u201cfraud\u201d classification imposed by Bank of India on the account of Jet Airways founder Naresh Goyal, ruling that the - Get the latest legal news from the Supreme Court, High Courts, and government. 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When the matter came up for hearing before Justice Vibhu Bakhru, he said that \"this matter will\u2026","rel":"","context":"In &quot;Court, Judiciary &amp; Legal System&quot;","block_context":{"text":"Court, Judiciary &amp; Legal System","link":"https:\/\/www.legalindia.com\/news\/category\/court-judiciary-legal-system"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/07\/download-63.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":59908,"url":"https:\/\/www.legalindia.com\/news\/cheating-caseed-opposes-closure-of-probe-against-promoter-naresh-goyal-of-now-defunct-jet-airways","url_meta":{"origin":61738,"position":1},"title":"Cheating case:ED opposes closure of probe against promoter Naresh Goyal of now-defunct Jet Airways.","author":"Legal India Admin","date":"June 28, 2020","format":false,"excerpt":"The Enforcement Directorate (ED)\u00a0has objected to the Mumbai Police filing a closure report in a cheating case registered earlier against now-defunct Jet Airways, its promoter Naresh Goyal, and his wife. 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In the noon of 12th march at 12:03PM, Mr. Bhushan\u00a0got three SMS\u00a0of debit of Rs.5078.97 from his bank account. He\u2026","rel":"","context":"In &quot;Banking &amp; Finance Law News&quot;","block_context":{"text":"Banking &amp; Finance Law News","link":"https:\/\/www.legalindia.com\/news\/category\/banking-finance-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/Bank-of-Baroda-Screen-Shot-2.png?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/Bank-of-Baroda-Screen-Shot-2.png?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/Bank-of-Baroda-Screen-Shot-2.png?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/Bank-of-Baroda-Screen-Shot-2.png?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/Bank-of-Baroda-Screen-Shot-2.png?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":56072,"url":"https:\/\/www.legalindia.com\/news\/delhi-high-court-issues-notice-to-jet-airways-on-plea-for-refund-and-alternative-flights-to-passengers","url_meta":{"origin":61738,"position":3},"title":"Delhi High Court issues notice to Jet Airways on plea for refund and alternative flights to passengers","author":"Legal India Admin","date":"May 3, 2019","format":false,"excerpt":"The High Court has also asked the Centre and the Directorate-General of Civil Aviation to respond to the plea by next date of hearing on July 16. 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