The Central Bureau of Investigation (CBI) on Tuesday filed chargesheet against a Ludhiana-based private company and its three directors, statutory auditor and two group concerns based in Punjab, in a case of bank fraud of around ₹1,530.99 crore.

The CBI submitted the chargesheet in Mohali court against M/s SEL Textiles Ltd, its directors Neeraj Saluja, Dhiraj Saluja, Navneet Gupta, CA. Ram Dass Khanna, Partner - M/s Dass Khanna & Co. (Statutory Auditor of M/s SEL Textiles Ltd) and its group concerns namely M/s Rhythm Textiles & Apparels Park Ltd. and M/s Silverline Corporation Ltd.

The CBI had registered the said case on August 06, 2020, over allegations of bank fraud.

It was alleged that the accused, including a private company and its directors, had cheated a consortium of 10 banks, led by Central Bank of India, causing fraud of around ₹1,530.99 crore.

It was further alleged that huge amounts of bank loans were diverted by the accused to its related parties and subsequently adjustment entries were made. The accused allegedly had shown procurement of machinery from non-reputed suppliers and thereby over-invoiced the bills.

A huge amount of primary security against CC Limit i.e. stock, finished goods, etc, were allegedly disposed of by the accused to misappropriate bank money as sale proceeds of goods sold, and were not deposited with the bank.

The company has units at Malout, Nawanshahr in Punjab, Neemrana (Rajasthan) and Hansi (Haryana) and was into the business of manufacturing yarns, fabrics, etc.

Searches were earlier conducted on August 14, 2020, at the premises of the accused which led to recovery of several documents following which LOCs against the accused were opened.

During the investigation, CBI had examined several persons. One of directors, Neeraj Saluja was arrested as he was found to be evasive in his replies. He is in judicial custody.