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ED Arrests SEL Textiles Director Neeraj Saluja in Rs 1,530 Crore Bank Fraud Case

New Delhi, January 20: The Directorate of Enforcement (ED) has arrested Neeraj Saluja, Director of SEL Textiles Limited, in relation to an alleged Rs 1,530 crore bank fraud case. Saluja was arrested on January 19 under the Prevention of Money Laundering Act (PMLA).

The ED initiated an investigation based on an FIR filed by the CBI against SEL Textiles, its late Chairman Ram Saran Saluja, Neeraj Saluja, Dhiraj Saluja and others. The company has been accused of causing a loss of Rs 1,530 crore to a consortium of 10 banks led by Central Bank of India.

According to the ED, SEL Textiles and its directors allegedly diverted loan amounts sanctioned by the banks for purposes other than those approved. The diversion methods included investments in subsidiaries violating loan terms, advance payments to self for undelivered goods/services, purchase of a residential flat in Mumbai for personal use, and non-realization of export proceeds.

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Earlier, the ED had attached assets worth around Rs 829 crore of SEL Textiles, including land, machinery, buildings across Punjab, Haryana and Rajasthan. This attachment has been confirmed by the Adjudicating Authority under PMLA.

Searches conducted by the ED on January 12 led to the seizure of Rs 60 lakhs cash and incriminating evidence from 14 locations connected to Neeraj Saluja and associated persons/entities.

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ED Arrests SEL Textiles Director Neeraj Saluja in Rs 1,530 Crore Bank Fraud Case

The ED investigation into the case is ongoing.

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