Cannot go on endlessly with investigation: Bombay High Court to SFIO in Naresh Goyal case

The Bombay High Court Tuesday admonished the Serious Fraud Investigation Office (SFIO) for conducting endless investigation since 2019 against Jet Airways founder Naresh Goyal and wife Anita Goyal for an alleged fraud involving ₹7,000 crores..A division bench of Justices Revati Mohite Dere and Sharmila Deshmukh was informed by the SFIO lawyer that the investigation in the case was ongoing since 2019 and might conclude in September this year. The bench was surprised to hear that despite passage of almost 4 years, the investigation was still going on. “Your investigation is going on since 2019. You have to take your investigation to some logical end. Somewhere there has to be a closure in cases. You cannot go on endlessly with investigation,” Justice Dere emphasized. .SFIO counsel Hiten Venegaonkar informed the Court that the fraud was of a larger magnitude and Goyal was also not extending his full co-operation. The Court, however, quipped that the agency with its able and efficient officers should have concluded the investigation by now. .The remarks came during the hearing of applications filed by Goyals seeking leave to travel abroad to the United Arab Emirates (UAE) for a month. Venegaonkar categorically stated that the agency was opposing travel for Naresh and Anita Goyal together, but they were agreeable if Anita was willing to travel alone. Venegaonkar pointed out that the agency was opposed to Naresh’s travel since he owns properties in foreign locations and also has a bailable warrant issued against him for not complying with the summons in the case. Senior Advocate Ravi Kadam, appearing for Naresh Goyal, opposed the submissions by Venegaonkar. He highlighted Supreme Court judgments to show that travel was permitted. .The Court then concluded that it have to hear the matter in detail but noted that it will not have time until after the upcoming summer vacation. In view of this, Naresh Goyal will not be able to travel till June 2023. .Since SFIO was not opposing Anita’s travel, the Court stated that it would permit Anita to travel. Accordingly, Anita will be permitted to travel from April 20 onwards for a month. All LOCs against her imposed by ED, SFIO and SBI were suspended for the month.