Jet Airways founder Naresh Goyal was arrested and is facing serious bank fraud charges.
Goyal was remanded in custody until September 11.
He is detained under the Prevention of Money Laundering Act.
Investigators allege Goyal siphoned off funds from bank loans given to troubled Jet Airways.
Funds were spent on personal use, they claim.
Jet Airways remains grounded after years of inactivity.
Canara Bank submitted documents alleging ‘cheating, criminal conspiracy, criminal breach of trust and criminal misconduct’ against Goyal.
Around $60 million was allegedly transferred to offshore accounts and spent on non-business purchases or paying off unrelated business expenses of family members.
The offences date back to 2011 until around 2017.
Jet Airways was once India’s second largest airline.
