CBI books Ludhiana-based SEL Textiles Ltd, administrators in Rs 1,530 crore financial institution mortgage fraud case


Tribune News Service
New Delhi, August 17

The Central Bureau of Investigation (CBI) on Monday mentioned it has booked a Ludhiana-based firm—SEL Textiles Ltd—and its administrators for allegedly defrauding a consortium of 10 banks to the tune of Rs 1,530.99 crore.

Officials within the company mentioned the administrators of the conglomerate—Ram Sharan Saluja, Neeraj Saluja and Dhiraj Saluja—have additionally been named as accused within the FIR registered by the CBI together with various unidentified others.

They mentioned the probe company acted following a grievance submitted to it by the Central Bank of India, which alleged that the corporate and its administrators indulged in legal conspiracy to defraud the banks and divert mortgage funds with an intention to misappropriate them between 2009-13, inflicting a lack of Rs 1,530.99 crore to 10 public sector banks of the consortium.

According to the grievance filed by the Central Bank of India, the officers mentioned apart from the complainant having publicity of 26.41 per cent of the whole Rs 1,530 crore others embrace Allahabad Bank with 13.80 per cent, Punjab National Bank 7.08 per cent, Indian Overseas Bank 7.08 per cent, Bank of Maharashtra 6.04 per cent, Punjab & Sindh Bank 4.20 per cent, Corporation Bank 7.23 per cent, Union Bank of India 3.08 per cent, United Commercial financial institution 7.22 per cent and United Bank of India 1.39 per cent. 



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