₹1,530-cr bank fraud case: ED raids textile firm’s premises in Ludhiana, SBS Nagar

Searches were carried out at 15 locations including residential, commercial and industrial properties of the firm and its associates across Ludhiana and Shaheed Bhagat Singh Nagar.

The enforcement directorate (ED) on Friday launched a series of raids on SEL Textiles Limited and its associates in connection with a ₹1,530-crore bank fraud case.

The enforcement directorate (ED) on Friday launched a series of raids on SEL Textiles Limited and its associates in connection with a ₹1,530-crore bank fraud case. (HT File)

Searches were carried out at 15 locations including residential, commercial and industrial properties of the firm and its associates across Ludhiana and Shaheed Bhagat Singh Nagar.

The company has been under ED scrutiny since 2020.

The allegations are that the company had diverted loan funds to the tune of ₹1,530 crore, received from a consortium of banks, led by the Central Bank of India.

In February 2023, the ED had seized assets worth ₹828 crore linked to SEL Textiles Limited. These included land, buildings, and plant machinery located in Ludhiana, Sri Muktsar Sahib, Shaheed Bhagat Singh Nagar, Alwar, and Hisar.