CBI files chargesheet in Rs 1,530 crore bank fraud case in Ludhiana, Retail News, ET Retail

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LUDHIANA: In a major development in the Rs 1,530 crore bank fraud case involving Ludhiana based Textile giant SEL Textiles Limited, the Central Bureau of Investigation (CBI) has filed a chargesheet in a Mohali court.

CBI officials said that those named in the chargesheet include SEL Textiles Limited, owners of the company and brothers Neeraj Saluja and Dhiraj Saluja (directors), Navneet Gupta (director), Ram Dass Khanna, partner of Dass Khanna & Co (statutory auditor of SEL Textiles Limited) and SEL group concerns namely Rhythm Textiles & Apparels Park Limited and Silverline Corporation.

Neeraj Saluja has been in judicial custody after he was arrested on October 28, 2022 by the CBI in connection with the case. His brother Dheeraj Saluja has been abroad for several years now. CBI has already issued a look out circular against him and other persons connected with this fraud.

In August 2020, CBI registered a case against SEL Textiles Limited, its directors, unknown public servants and private persons on allegations of bank fraud with a consortium of 10 banks, led by Central Bank of India. In the complaint filed by the banks, it was alleged that the accused had defrauded the banks of Rs 1,530.99 crore.

The bankers came to know about the fraud through a forensic audit report in 2017, in which it was established that the company had diverted huge amounts of money of banks for “wrongful acts.”

According to the audit report, there was diversion of short term funds for long term uses as well as diversion of funds from business for acquiring unproductive assets, besides delay in realisation of sales proceeds from select parties, which was leading to continuous increase in levels of sundry debtors.

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