After CBI chargesheet, Ludhiana’s textile giant now under ED scanner

LUDHIANA: Close on the heels of the Central Bureau of Investigation (CBI) filing a chargesheet in Mohali court against Ludhiana’s SEL Textile Limited for a bank fraud of more than Rs 1,530 crore, the Enforcement Directorate (ED) which is already doing background investigation in the case has intensified its probe against the company.

Sources said though main focus of the ED is on the bank fraud committed by the textile giant, all the transactions of the group and its sister concerns which were done after the consortium of banks filed a complaint of fraud with CBI are also under its scanner.

It has also emerged that another textile company closely associated with SEL is also on radar of CBI. As per the forensic audit report, on whose basis the entire case is based, has named this company to be a key participant in facilitating the “kite flying operations” and “facilitating diversion” by SEL.

CBI officials had said those named in the chargesheet include SEL Textiles Limited, owners of the company and brothers Neeraj Saluja and Dhiraj Saluja (directors), Navneet Gupta (director), Ram Dass Khanna, partner of Dass Khanna & Co (statutory auditor of SEL Textiles Limited) and SEL group concerns namely Rhythm Textiles & Apparels Park Limited and Silverline Corporation.