5-day remand for Ldh industrialist in bank fraud case

Mohali, October 29

A CBI court today sent Ludhiana-based industrialist Neeraj Saluja, director of SEL Textiles Ltd, to five-day police custody in a bank fraud case amounting to Rs 1,530.99 crore.

Saluja was brought from Delhi and produced in the court today afternoon, where the CBI had sought a seven-day remand, but the court sent him to five-day police custody.

On Friday, the CBI arrested Saluja in a case registered on August 6, 2020, against the Ludhiana-based private company and others, including its directors, unknown public servants and private persons in the alleged bank fraud.

“It was alleged that the accused had cheated the consortium of 10 banks, led by the Central Bank of India of Rs 1,530.99 crore,” said officials.

It was further alleged that huge amount of bank loans was diverted by the accused to its related parties and subsequently adjustment entries were made.

The firm manufactures yarns and fabrics with its units in Malout, Nawanshahr, Nemrana in Rajasthan and Hansi in Haryana. Several incriminating documents were recovered during searches conducted earlier, said officials.