LUDHIANA: In a big development related to the case of Rs 1,530 crore bank fraud committed by SEL Textiles Limited Ludhiana, Directorate of Enforcement (ED) Zonal Office Jalandhar has attached properties worth Rs 828 crores belonging to the company.
Some of the provisionally attached properties include land & building and plant & machinery of M/s SEL Textiles Limited situated at Alwar, Hisar, Sri Muktsar Sahib, Shaheed Bhagat Singh Nagar (Nawanshahr) & Ludhiana.
Notably ED had initiated its investigation under the provisions of Prevention of Money Laundering Act, 2002 on the basis of FIR registered by Central Bureau of Investigation in the year 2020 based on compliant filed by Central Bank of India against M/s SEL Textiles Limited and its directors for cheating and misappropriation of loan amount to the tune of Rs. 1530 crores.
Investigation conducted by ED revealed that M/s SEL Textiles Limited and its directors had fraudulently diverted the loan amount availed from consortium of banks, led by Central Bank of India, by using various modus operandi like investments made into step down subsidiaries in violation of terms & conditions of loan availed; advance payments made to related parties in guise of procuring goods and services which were never materialized; purchasing residential property for personal use; payments made in lieu of import of machineries through intermediaries for which import is pending even after lapse of more than 10 years and non realization of export proceeds, Further investigation is going on.
