MUMBAI, Sept. 26 -- The Bombay High Court on Thursday quashed Bank of India's 2021 decision to classify now-defunct Jet Airways founder Naresh Goyal's bank account as "fraud". The division bench of justices RI Chagla and Farhan Parvez Dubash also quashed and set aside all consequent actions taken based on this classification, including the obligation to send reports about the account's activities to any concerned central agency. Further details regarding the court's order are yet to be released. As per the police, Goyal, 76, faces criminal cases for having allegedly cheated several public sector banks of crores of rupees. On July 20, 2023, following raids by the Enforcement Directorate (ED), Goyal was arrested and questioned for several hours as part of a money-laundering investigation related to an alleged bank fraud of nearly Rs.538.62 crore. The raids were conducted after the Canara Bank filed a complaint against Jet Airways India Limited, Goyal, his wife Anita, ex-company executive G Shetty and other unidentified public servants. As per an FIR by the Central Bureau of Investigation (CBI), Canara Bank alleged that it had sanctioned credit limits and loans worth Rs.848.86 crore to the airline, of which Rs.538.62 had not been returned. The bank account was then declared a 'fraud' on July 29, 2021. A forensic audit of the airline showed that it had diverted and siphoned off funds and had even paid "related companies" Rs.1,410.41 crore out of the total commission expenses, the bank alleged. The bank's complaint added that the funds were allegedly diverted through Jet Lite (India) Limited, a related company. The FIR added that the airline has paid personal expenses such as salaries of staff, phone bills, and vehicle expenses among others of the Goyal family. In February 2023, the Bombay High Court had quashed a money-laundering case lodged by the ED against Goyal and his wife based on a Mumbai police case to probe charges of cheating and forgery on a complaint from Akbar Travels....