In a bank fraud case, the Enforcement Directorate (ED) in Jalandhar has taken a major step forward by temporarily seizing moveable goods valued at Rs. 81.03 crore that belong to SEL Textiles Limited, a company situated in Ludhiana. The assets that are attached are 36,92,930 preference shares of M/s Rythm Textiles & Apparel Park Limited and 40,41,000 equity shares of M/s Silverline Corporation Limited. Neeraj Saluja, a major accused party who was arrested on January 18, 2024, is now in judicial detention for these two types of shares.
The Central Bureau of Investigation filed a formal report (FIR) in response to a complaint from the Central Bank of India, which prompted the ED to take preventive actions. SEL Textiles Limited and its directors are accused in the charge of deceit and illegal loan diversion of Rs. 1530.39 crore. According to investigations, the directors of SEL Textiles directly violated the terms and conditions of the loan by unlawfully channelling a portion of the cash to their affiliated companies, M/s Rythm Textiles and M/s Silverline Corporation.
During the initial phases of the inquiry, the Enforcement Department had temporarily attached properties worth about Rs. 829 crore. The Honourable Adjudicating Authority for the Prevention of Money Laundering Act has now established that these assets comprised land, machinery, and structures spread over four locations in Punjab, Haryana, and Rajasthan (PMLA).
The ED is still looking into the matter and delving further into the intricate details of this financial malfeasance in an effort to expose the whole scope of the fraud and bring those responsible to justice. This case serves as a reminder of the continued difficulties facing the banking industry and the ED’s dedication to preventing financial crimes in order to protect economic integrity.
