The CBI on Friday said it has arrested a director of a private company based at Ludhiana in an ongoing investigation of a case related to bank fraud of Rs 1,530.99 crore.
The agency has arrested Neeraj Saluja, Director of SEL Textiles Ltd., a Ludhiana-based private company in the bank fraud case. The CBI had registered the case on August 6, 2020 against Ludhiana-based private company SEL Textiles Ltd 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 fraud of Rs 1530.99 crore, the CBI said in a statement.
It was further 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 accused had shown procurement of machinery from non-reputed suppliers and thereby over-invoiced the bills. Huge amounts of primary security against CC Limit like stock, finished goods among others were allegedly disposed off by accused to misappropriate bank money as sale proceeds of goods sold were not deposited with bank. The said private company based at Ludhiana (Punjab) and having its units at Malout, Nawanshahr (Punjab), Neemrana (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.
Look Out Circulars against the accused was opened. During probe, CBI had examined several suspects. The said director was found to be evasive in his replies during investigation. The arrested accused will be produced on Saturday before the competent court at Mohali (Punjab), the CBI added.