The Enforcement Directorate (ED) seized ₹60 lakh cash, incriminating documents and digital evidence from the 14 premises of SEL Textiles Limited in Ludhiana and Nawanshahr where raids were carried out on Friday in connection with a ₹1,530-crore bank fraud case.
The ED spokesperson said the investigation was launched on the basis of an FIR registered by CBI, New Delhi, under various sections of the Indian Penal Code and Prevention of Corruption Act, 1988.
The FIR was registered against M/s SEL Textiles Limited, Late Ram Saran Saluja, Neeraj Saluja, Dhiraj Saluja and others for causing wrongful loss to a consortium of 10 banks, led by Central Bank of India, to the tune of ₹1,531 crore by illegally diverting the loan amount for purposes other than what it was sanctioned for.
The ED investigation revealed that SEL Textiles Limited and its directors had fraudulently diverted the loan amount to their subsidiaries, in violation of the terms and conditions of the loan availed.
“Advance payments were made to own firms in guise of procuring goods and services which never materialised, purchasing residential flat for personal use, payments made in lieu of import of machineries through intermediaries for which import is pending even after lapse of more than 10 years and non-realisation of export proceeds,” the press release stated.
{{/usCountry}}“Advance payments were made to own firms in guise of procuring goods and services which never materialised, purchasing residential flat for personal use, payments made in lieu of import of machineries through intermediaries for which import is pending even after lapse of more than 10 years and non-realisation of export proceeds,” the press release stated.
{{/usCountry}}Earlier, during the course of investigation, provisional attachment of assets valued at ₹829 crore, including land, machinery, plant and building located at four locations in Punjab, Haryana and Rajasthan was undertaken.