Bank fraud case: ED attaches shares worth Rs 81.03 crore of SEL Textiles
New Delhi: The Enforcement Directorate (ED) has provisionally attached movable properties in the form of shares worth Rs 81.03 crore owned by SEL Textiles Limited, a Ludhiana-based company, in connection with a bank fraud case.
The shares include 36,92,930 ‘preference shares’ of Rythm Textiles and Apparel Park Limited, and 40,41,000 equity shares of Silverline Corporation Limited.
Both these companies are controlled by Neeraj Saluja, one of the accused in the case who was arrested by the ED on January 18. Saluja is currently under judicial custody.
The financial probe agency had initiated the investigation based on an FIR registered by the Central Bureau of Investigation (CBI) following a complaint filed by the Central Bank of India against SEL Textiles and its directors alleging cheating and illegal diversion of loan amount to the tune of Rs 1530.39 crore.
“The ED investigation revealed that SEL Textiles and its directors had generated proceeds of crime by fraudulently diverting a part of a loan amount availed from a consortium of banks to its related entities Rythm Textiles and Apparels Park Limited and Silverline Corporation Limited in violation of the terms and conditions of the loan availed,” the ED said in a statement on Thursday.
Earlier, provisional attachment of assets valued at Rs 829 crore, including land and machinery as well as plants and buildings located at four locations in Punjab, Haryana, and Rajasthan was undertaken, which has been confirmed by the adjudicating authority for the PMLA.