Owners of SEL Textiles Ltd., Ludhiana have been booked by the Central Bureau of Investigation (CBI) for allegedly cheating consortium of banks, worth Rs. 1,530 crore.
Neeraj Saluja, Dhiraj Saluja and their father Ram Sharan Saluja have been named as accused in the FIR.
The matter is more than 6 years old and the action is being taken on the complaint of the Central Bank of India, alleging that the directors indulged in criminal conspiracy to defraud the banks and divert loan funds with an intention to misappropriate them between 2009 and 2013.
As per media reports, the company was using a Canada-based company, Aarti Impex, named in the Panama Papers leaks, for diversion of funds. It is being said that Dhiraj is out of India.
A look out circular will be issued in this regard. CBI also conducted search at director’s homes and offices.
“It (company) was among those individuals and entities who allegedly paid the Panama-based law firm Mossack Fonseca to set up offshore entities in tax havens around the world,” said a leading English daily.
SEL was using several companies for diversion of banks’ money and there has been a diversion of over Rs. 852 crore.
SEL Textile Ltd. is a leading vertically integrated textile conglomerate, having operations of spinning, knitting, processing of yarns and fabric, home furnishing and apparels.
The company is also going through Corporate Insolvency Resolution Process (CIRP).
