The Central Bureau of Investigation (CBI) on Friday arrested the director of a private company based in Ludhiana in an ongoing investigation into a case related to an alleged bank fraud of Rs 1,530.99 crore, said a manager.
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 manager Saluja, unknown officials and private individuals on allegations of bank fraud.
SALT Textiles Ltd. having its units in Malout, Nawanshahr (Punjab), Nemrana (Rajasthan) and Hansi (Haryana) was specialized in the manufacture of yarns and fabrics.
“The accused had deceived the consortium of 10 banks, led by the Central Bank of India in the amount of Rs 1,530.99 crore. Huge amount of bank loans were diverted by the accused to his related parties and by subsequent adjusting entries were made. It was also alleged that the defendant showed the purchase of machinery from unreputable vendors and thus overcharged the invoices. The defendant allegedly disposed of a huge amount primary security against the cash credit limit i.e. stock, finished goods etc. the proceeds from the sale of the goods sold have not been deposited in the bank,” added the head of the CBI.
Previously, searches had been carried out in the premises of the accused, which had made it possible to recover several incriminating documents. Letters of credit against the accused had been opened. During the investigation, the CBI examined several people.
Saluja was evasive in her responses during the investigation.
The accused appeared on Saturday before the competent court in Mohali (Punjab).
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