In connection with a Rs. 1530.99 crore bank fraud case which includes a consortium of 10 banks led by the Central Bank of India, the Central Bureau of Investigation (CBI) has arrested Neeraj Saluja, Director of Ludhiana-based SEL Textiles.
The company, once known for yarn and fabrics manufacturing and having units at Malout and Nawanshahr in Punjab, Nemrana in Rajasthan and Hansi in Haryana was booked by CBI two years ago on a complaint from the bank.
It has been said that during the investigation, the CBI examined several persons and Neeraj Saluja was found to be evasive in his replies.
In a statement, a CBI spokesperson said that it was 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 the accused had shown procurement of machineries from non-reputed suppliers and thereby over-invoiced the bills.
The spokesperson further added that the huge amount of primary security against the credit limit such as stock and finished goods were allegedly disposed of by the accused to misappropriate bank money as sale proceeds of goods were not deposited with the bank.
