Jet Airways founder Naresh Goyal is asked by Delhi High Court to deposit Rs 18,000 crore as guarantee to travel overseas.

According to Justice Suresh Kait, the cash strapped airways owes Rs 18,000 crore to the lenders and he need to deposit the amount as bank guarantee before flying outside India.

Hearing to Naresh Goyal’s plea challenging a look out circular against him the High Court said it was a serious fraud and SFIO is currently investigating it.

On May 25 Naresh Goyal and his wife Anita Goyal were de-boarded from a flight to Dubai with an onward connection to London.

The Jet Airways chief said he was not known about the LOC until May 25 when he was off-loaded from the flight.

Meanwhile, the ministries of Home Affairs, Corporate Affairs and Law and Justice have been asked by the court to file responses within four weeks. The next hearing in the matter is on August 23.

Naresh Goyal’s advocate argued his client is an NRI and is required to travel overseas for a certain period. He was carrying no material with him on May 25 that reveals any attempt to evade the investigation.

Maninder Singh further said that Goyal was not intimated about any case until July 6 when he filed the petition when he received summon by SFIQ to appear before High Court on July 10.

He added that his client needs to travel to Dubai and London to arrange funds for the airlines.