ED Raids M/s SEL Textiles in Punjab, Seizes Rs. 60 Lakh Cash

Directorate of Enforcement (ED) has carried out search operations on 12.01.2024
under the provisions of the Prevention of Money Laundering Act, 2002 at 14 premises of
M/s SEL Textiles Limited and related persons/entities, in Ludhiana and Nawanshahr of
Punjab, leading to seizure of Rs. 60 lakh in cash along with incriminating documents and
digital evidences.
ED initiated investigation on the basis of FIR registered by CBI, New Delhi under
various sections of Indian Penal Code, 1860 and Prevention of Corruption Act, 1988
against M/s SEL Textiles Limited, Late Ram Saran Saluja, Neeraj Saluja, Dhiraj Saluja and
others for causing wrongful loss to a consortium of 10 banks, led by Central Bank of India,
to the tune of Rs. 1531 Crore approx. by illegally diverting the loan amount for the purposes
other than it was sanctioned.
ED investigation 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 viz. investments made into their
subsidiaries in violation of terms & conditions of loan availed; advance payments made to
own firms in guise of procuring goods and services which never materialized; purchasing
residential flat 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 & non
realization of export proceeds.
Earlier, during the course of investigation in this matter, provisional attachment of
assets valued at Rs. 829 Crore approx. including land and machinery as well as plant and
building located at 04 locations in Punjab, Haryana and Rajasthan was undertaken which
has been confirmed by the Hon’ble Adjudicating Authority for PMLA.
Further investigation is under progress