Ludhiana: CBI arrests SEL Textiles director Neeraj Saluja in Rs 1,530 crore bank fraud | Ludhiana News
LUDHIANA: The Central Bureau of Investigation (CBI) has arrested Neeraj Saluja, the director of SEL Textiles in Ludhiana in an ongoing investigation of a bank fraud of more than Rs 1,530 crore.
CBI arrested Saluja on Friday at its Delhi office where he was summoned by the agency in a two-year-old case.
Saluja will now be produced before a court in Mohali by CBI on Saturday.
“The CBI had registered the instant case on August 6, 2020 against the private company (SEL Textiles Limited) based at Ludhiana and others including its directors, unknown public servants and private persons on the allegations of bank fraud. It was alleged that the accused including the private company and its directors had cheated the consortium of 10 banks, led by Central Bank of India, causing a fraud of Rs 1530.99 crore (approx). It was further alleged that huge amounts 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 CC Limit including 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.”
Statement also said, ” The said private company which has units at Malout, Nawanshahr (Punjab), Nemrana (Rajasthan) and Hansi (Haryana) was into the business of manufacturing of yarns and fabrics. Searches were earlier conducted on August 14, 2020 at the premises of the accused which led to recovery of several incriminating documents. LOCs against the accused had been opened. During investigation, CBI had examined several persons. The said Director was found to be evasive in his replies during investigation. The arrested accused will be produced tomorrow before the Competent Court at Mohali.”
CBI arrested Saluja on Friday at its Delhi office where he was summoned by the agency in a two-year-old case.
Saluja will now be produced before a court in Mohali by CBI on Saturday.
“The CBI had registered the instant case on August 6, 2020 against the private company (SEL Textiles Limited) based at Ludhiana and others including its directors, unknown public servants and private persons on the allegations of bank fraud. It was alleged that the accused including the private company and its directors had cheated the consortium of 10 banks, led by Central Bank of India, causing a fraud of Rs 1530.99 crore (approx). It was further alleged that huge amounts 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 CC Limit including 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.”
Statement also said, ” The said private company which has units at Malout, Nawanshahr (Punjab), Nemrana (Rajasthan) and Hansi (Haryana) was into the business of manufacturing of yarns and fabrics. Searches were earlier conducted on August 14, 2020 at the premises of the accused which led to recovery of several incriminating documents. LOCs against the accused had been opened. During investigation, CBI had examined several persons. The said Director was found to be evasive in his replies during investigation. The arrested accused will be produced tomorrow before the Competent Court at Mohali.”
