CBI Arrests Punjab Textile Company's Chief In Rs 1500 Crore Bank Fraud Case
NDTV
The Central Bureau of Investigation (CBI) had booked the yarn and fabrics manufacturing company, which has units at Malout and Nawanshahr in Punjab.
The CBI has arrested director of Ludhiana-based SEL Textiles Neeraj Saluja in connection with a Rs 1530.99 crore fraud case in the Central Bank of India, officials said on Friday.
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.
Neeraj Saluja will be produced before a special court in Mohali on Saturday, the officials said.
"It was alleged that huge amounts of bank loans were diverted by the 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," a CBI spokesperson said in a statement.
