Rs 1,530 crore bank fraud: SEL Textiles director Neeraj Saluja sent to judicial custody

LUDHIANA: Big shot businessman and director of SEL Textiles Limited, Neeraj Saluja on Thursday was sent into fourteen days judicial custody till November 17 by a Mohali Court.
Saluja was produced in the court today after remaining into five days custody of CBI granted to the agency by the court during last hearing on October 29th. Saluja has was arrested by CBI in Rs. 1530.99 crore bank fraud case last Friday at its Delhi office where he had gone after he was summoned in connection with the case.
CBI had registered case against Saluja, his family members, public servants and others on August 6th 2020 on the basis of complaint of fraud lodged by banks. In the complaint it was alleged that accused had cheated the consortium of ten banks, led by Central Bank of India, of Rs. 1530.99 crore.
It was also alleged that huge amounts of bank loans were diverted by the accused to its related parties and subsequently adjustment entries were made. Huge amount of primary security against Cash Credit Limit including Stock, Finished Goods, etc. were allegedly disposed off by the accused to misappropriate bank money as sale proceeds of goods sold were not deposited with the bank.