After remaining in CBI custody for five days, Ludhiana-based industrialist Neeraj Saluja was sent to judicial custody till November 17 on Thursday. He was arrested for defrauding a consortium of banks of ₹1,530 crore.
CBI didn’t seek further remand of Saluja, who was produced before the Mohali CBI court.
The CBI had arrested Saluja, director of Ludhiana-based SEL Textiles, for defrauding a consortium of 10 banks, led by Central Bank of India, of ₹1,530.99 crore.
The CBI had booked the yarn and fabrics manufacturing company, which has units at Malout and Nawanshahr in Punjab, Nemrana in Rajasthan and Hansi in Haryana, on August 6, 2020, along with its directors based on a complaint from the bank.
It has been alleged that huge amounts of bank loans were diverted by the accused to its related parties and subsequently, adjustment entries were made. It is also alleged that Saluja had shown procurement of machineries from non-reputed suppliers and thereby over-invoiced the bills, a CBI spokesperson had said in a statement.
The spokesperson said 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.
{{/usCountry}}The spokesperson said 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.
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