India, 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 ...