The Central Bureau of Investigation (CBI) on Friday arrested the Director of a Ludhiana-based private company in an ongoing investigation of a case related to an alleged bank fraud of Rs 1,530.99 crore, an official said.
The accused was identified as Neeraj Saluja, Director of SEL Textiles Ltd.
The CBI had registered a case immediately in 2020 against SEL Textiles Ltd. and others, including its Director Saluja, unknown public servants and private persons on the allegations of bank fraud.
SEL Textiles Ltd. having its units at Malout, Nawanshahr (Punjab), Nemrana (Rajasthan) and Hansi (Haryana) was into the business of manufacturing of yarns and fabrics.
“The accused had cheated the consortium of 10 banks, led by Central Bank of India to the tune of Rs 1,530.99 crore. Huge amount of bank loans were diverted by the the accused to its related parties and subsequently adjustment entries were made. It was also alleged that the accused had shown procurement of machineries from non-reputed suppliers and thereby over-invoiced the bills. Huge amount of primary security against cash credit limit i.e. stock, finished goods etc. were allegedly disposed off by the accused to misappropriate bank money as sale proceeds of goods sold were not deposited with the bank,” the CBI official added.
Searches were earlier conducted at the premises of the accused which led to recovery of several incriminating documents. LOCs against the accused had been opened. During investigation, the CBI had examined several persons.
Saluja was found to be evasive in his replies during investigation.
The accused was produced on Saturday before the competent court at Mohali (Punjab).
