From owning private jet to knowing who's who, arrested business honcho Saluja lived life ‘king size’

Updated on Oct 30, 2022 11:25 PM IST

The arrest of business honcho and Director of SEL Textiles Neeraj Saluja in a ₹ 1,500 crore fraud case by the Central Bureau of Investigation (CBI) has caused ripples in the business fraternity of Ludhiana

Colleagues and those who have been trading with him confess Saluja was always fair in his dealings (HT Photo)
Colleagues and those who have been trading with him confess Saluja was always fair in his dealings (HT Photo)
ByAneesha Sareen Kumar, Ludhiana

The arrest of business honcho and Director of SEL Textiles Neeraj Saluja in a 1,500 crore fraud case by the Central Bureau of Investigation (CBI) has caused ripples in the business fraternity of Ludhiana. Hailing from a family which was a major hosiery business player, Saluja has been known to live life ‘king size’ even as his colleagues and those who have been trading with him confess Saluja was always fair in his dealings with them over the years and the case and his subsequent arrest has come as a shocker to them.

As most businessmen remain tight lipped on the development, refusing to speak anything on record, Saluja alongwith his brother took the family hosiery business to great heights when he ventured into trade with Russia in the mid 1990’s and had set up an office in Moscow. He forayed into spinning yarn and expanded SEL textiles, establishing units in various parts of the state, exporting yarn to various countries.

“Some years ago, he owned a private jet,” remembers an industry player. Saluja was one of atleast three businessmen in Ludhiana who owned private jet- owners of Trident and Hero- being the other two corporates who own a jet.

Neeraj has been known to be extremely close to Shiromani Akali Dal (SAD) President Sukhbir Badal. “Sukhbir has been the face of all parties thrown by Saluja over the years. Whether it was his wedding anniversary celebration in Ludhiana more than a decade ago or a party thrown by his brother in Gurgaon, Badal used to always be amongst the most prominent guests. Infact, one party was thrown by his brother at a hotel in Gurgaon some years ago. That hotel is believed to be built on a property allegedly owned by Badal but is managed by a prominent hotel group,” said another trader.

The CBI had arrested director of Ludhiana-based SEL Textiles Neeraj Saluja in connection with a 1,530.99 crore fraud case in the Central Bank of India. He is currently in custody of the CBI.

The Central Bureau of Investigation (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 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. During investigation, the CBI had examined several persons and the director (Neeraj Saluja) was found to be evasive in his replies, he said. Following the arrest of Neeraj Saluja, there has been a stir in the business fraternity of Ludhiana as many people have been called for questioning.

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Wednesday, November 30, 2022
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