After being in CBI custody for five days, Ludhiana-based industrialist Neeraj Saluja was sent to judicial custody till November 17 on Thursday. He was arrested for defrauding a consortium of banks of ₹1,530 crores.
The CBI did not seek remand of Saluja, who was produced before the Mohali CBI court. The CBI arrested Saluja, director of Ludhiana-based SEL Textiles, for defrauding a consortium of 10 banks led by the Central Bank of India of Rs 1,530.99 crore.
The CBI had on August 6, 2020 booked the yarn and cloth manufacturing firm with units in Malout and Nawanshahr in Punjab, Nemrana in Rajasthan, and Hansi in Haryana along with its directors based on the bank’s complaint. “Lookout circulars (LOCs) against the accused had been issued and during the investigation, the CBI had examined several persons,” said the investigating officer.
It is alleged that the accused diverted huge amounts of bank loans to their respective parties and subsequently, adjustment entries were made. It is also alleged that Saluja showed procurement of machinery from non-named suppliers and thereby over-invoiced the bills, the CBI spokesperson said in a statement.
The spokesperson said that huge amounts of primary security against credit limits like stock and finished goods were settled by the accused for misappropriating bank funds as proceeds from sale of goods were not deposited in the bank.
A CBI spokesperson said, “It was alleged that huge amounts of bank loans were diverted by the 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.”