A special court here on Monday extended till September 14 the ED remand of Jet Airways founder Naresh Goyal, who has been arrested in a money laundering case linked to an alleged fraud of Rs 538 crore at Canara Bank.

Goyal was arrested by the Enforcement Directorate (ED) on September 1 under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here.

The 74-year-old businessman was produced before the special PMLA court at the end of his initial remand on Monday.

The central probe agency sought his custody for another four day for further investigation in the case.

The ED told the court that maximum money siphoned off has been stacked in foreign accounts and there is a person in the United Arab Emirates (UAE) to look after it.

Special judge for cases under PMLA, MG Deshpande, then extended Goyal's custody till September 14.

The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former executives of the now grounded private airline in connection with an alleged Rs 538-crore fraud case at Canara Bank.

The FIR was registered on the government-run lender's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding.

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