The Central Bureau of Investigation (CBI) arrested a director of a private company situated in Ludhiana on Friday. The director of M/S SEL Textiles Ltd., Neeraj Saluja, has been detained in connection with a fraud case involving Rs 1530.99 crore in the Central Bank of India.
On August 6, 2020, the CBI charged the yarn and fabric manufacturing company, along with its directors, in response to a bank complaint. This company has units in Malout and Nawanshahr in Punjab, Neemrana in Rajasthan, and Hansi in Haryana
The accused, who also include a private corporation and its directors, allegedly cheated a group of ten banks led by the Central Bank of India, resulting in a fraud of around Rs 1530.99 crores. On October 29th, Salujia will be produced before a special court in Mohali.
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A CBI spokesperson said in a statement, “It was alleged that huge amounts of bank loans were diverted by the accused to its related parties and subsequently, adjustment entries were made. It was also alleged that the accused had shown procurement of machinery from non-reputed suppliers and thereby over-invoiced the bills,”
The director of SEL Textiles was found to be misleading in his statements when the CBI questioned several people as part of the investigation.