The Punjab and Haryana high court on Tuesday granted bail to Ludhiana businessman Neeraj Saluja, an accused in ₹1,530 crore alleged fraud case.
He was arrested by the Central Bureau of Investigation (CBI) on October 28, 2022.
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, as per CBI.
Saluja had pleaded that stringent conditions be imposed on him, but he be given bail as pre-trial incarceration would cause an irreversible injustice to him and his family.
The court has given him bail on the condition that he would declare all his assets through notarised affidavit alogn with his wife’s affidavit as well as of his children. Also the family would voluntarily declare all their assets, including foreign accounts.
{{/usCountry}}The court has given him bail on the condition that he would declare all his assets through notarised affidavit alogn with his wife’s affidavit as well as of his children. Also the family would voluntarily declare all their assets, including foreign accounts.
{{/usCountry}}The court further directed that he would not sell the property except to repay loan amount and in case of extreme necessity, he would sell his property only with the permission of court. He also cannot withdraw an amount more than ₹10 lakh per month for his expenses.