Chargesheet against Ludhiana firm over Rs 1,530-crore fraud

Tribune News Service

Mohali, January 3

The CBI has filed a chargesheet against Ludhiana-based SEL Textiles Ltd, its promoters/directors Dheeraj Saluja and Navneet Gupta, and others in a Mohali special court in a Rs 1,530.99-crore bank loan fraud case.

Besides the company and its promoters others who have been named in the chargesheet include Ram Dass Khanna, Dass Khanna & Co. (statutory auditor of the company) and its group concerns namely Rhythm Textiles & Apparels Park Ltd and Silverline Corporation Ltd, officials said today.

A case against the chargesheeted persons was registered on August 6, 2020, following allegation that they cheated a consortium of 10 banks led by the Central Bank of India, causing fraud of Rs 1,530.99 crore, the CBI said in an official statement.

“It was further alleged that huge amounts of bank loans were diverted by the accused to its related parties and subsequently adjustment entries were made. It was also alleged that the accused had shown procurement of machineries from non-reputed suppliers and thereby over-invoiced the bills,” the statement read.

“A huge amount of primary security against cash-credit (CC) limit were allegedly disposed of by the accused to misappropriate bank money as sale proceeds of goods sold, were not deposited with the bank,” it further said.

The private company is based in Ludhiana and has its units at Malout, Nawanshahr, Nemrana (Rajasthan) and Hansi (Haryana). It was into the business of manufacturing of yarns and fabrics, the CBI said.

The agency said searches were earlier conducted on August 14, 2020, on the premises of the accused, which led to recovery of several incriminating documents and lookout circulars against the accused were issued.

During the investigation, the CBI had examined several persons and one of the directors was arrested as he was found to be evasive in his replies, it said, adding that the arrested person was now in judicial custody.

Loans diverted

Huge amounts of bank loans were diverted by the accused to related parties and subsequently adjustment entries were made. — CBI statement

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#Central Bureau of Investigation CBI #Mohali