The Central Bureau of Investigation (CBI) on Tuesday filed a chargesheet towards a Ludhiana-based personal firm and its three administrators, statutory auditor and two group issues based mostly in Punjab, in a case of financial institution fraud round 1,530.99 crore.

The CBI submitted the chargesheet in Mohali courtroom towards M/s SEL Textiles Ltd, its administrators Neeraj Saluja, Dhiraj Saluja, Navneet Gupta, associate Ram Dass Khanna, M/s Dass Khanna & Co. (Statutory Auditor of M/s SEL Textiles Ltd) and its group issues particularly M/s Rhythm Textiles & Apparels Park Ltd. and M/s Silverline Corporation Ltd.

The CBI had registered the mentioned case on August 06, 2020, over allegations of financial institution fraud.

It was alleged that the accused, together with a personal firm and its administrators, had cheated a consortium of 10 banks, led by Central Bank of India, inflicting fraud of round 1,530.99 crore.

It was additional alleged that massive quantities of financial institution loans had been diverted by the accused to its associated events and subsequently adjustment entries had been made. The accused had allegedly proven procurement of equipment from non-reputed suppliers and thereby over-invoiced the payments.

An enormous quantity of major safety towards CC Limit ie inventory, completed items, and so forth, had been allegedly disposed of by the accused to misappropriate financial institution cash as sale proceeds of products bought, and weren’t deposited with the financial institution.

The firm has items at Malout, Nawanshahr in Punjab, Neemrana (Rajasthan) and Hansi (Haryana) and was into the enterprise of producing yarns, materials, and so forth.

Searches had been earlier performed on August 14, 2020, on the premises of the accused which led to restoration of a number of paperwork following which LOCs towards the accused had been opened.

During the investigation, CBI had examined a number of individuals. One of the administrators, Neeraj Saluja was arrested as he was discovered to be evasive in his replies. He is in judicial custody.