ED Seizes Rs 60 Lakh In Rs 1,530 Cr Bank Fraud Case At Textile Firm
The Enforcement Directorate (ED) has seized Rs 60 lakh in cash, along with incriminating documents and digital evidence, during raids conducted at 14 premises belonging to SEL Textiles Limited in Ludhiana and Nawanshahr. These actions are part of an investigation into a Rs1,530-crore bank fraud case.
According to the ED spokesperson, the probe was initiated based on an FIR registered by the CBI, New Delhi, under various sections of the Indian Penal Code and Prevention of Corruption Act, 1988. The FIR targets M/s SEL Textiles Limited, Late Ram Saran Saluja, Neeraj Saluja, Dhiraj Saluja, and others for allegedly causing wrongful loss of Rs 1,531 crore to a consortium of 10 banks, led by the Central Bank of India. The loss is purportedly a result of the illegal diversion of the loan amount for purposes other than those sanctioned.
The ED's investigation has brought to light that SEL Textiles Limited and its directors engaged in fraudulent activities by diverting the loan funds to their subsidiaries, contravening the terms and conditions of the loan. The press release revealed that the company made advance payments to its own firms, falsely claiming to procure goods and services that never materialized. Additionally, funds were used for personal purposes such as purchasing residential flats, payments related to the import of machinery through intermediaries (with imports pending for over 10 years), and non-realisation of export proceeds.
Earlier in the investigation, provisional attachment of assets valued at Rs 829 crore, including land, machinery, plant, and buildings situated at four locations in Punjab, Haryana, and Rajasthan, was undertaken.
