Ludhiana: The Director of Ludhiana-based SEL Textile was arrested by the CBI in connection with a financial fraud of Rs 1530.99 crores in the Central Bank of India.
The accused has been identified as Neeraj Saluja.
A case was filed by the bank against the company and its directors in 2020.
After an investigation by the CBI, Neeraj Saluja was arrested on Friday and will be produced before a special court in Mohali on Saturday.
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The CBI in a statement said, “It was 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.” a CBI spokesperson said in a statement.
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The CBI Spokesperson said that huge amount of primary security against the credit limit such as stock and finished goods were allegedly disposed off by the accused to misappropriate bank money as the sale proceeds of goods were not deposited with the bank.