CBI files another FIR against Ludhiana's SEL textiles Ltd

LUDHIANA: In yet another action against already troubled Ludhiana-based textile conglomerate

SEL Textiles

Limited, Central Bureau of Investigation (CBI) on Monday slapped another case on the company. According to information available to TOI, the case has been registered on the charges of cheating the consortium of ten Indian banks of Rs 1,530 crores.


The Saluja family, including Ram Sharan and both his sons Neeraj and Dhiraj who are director in the SEL Textiles Limited too have been named as accused in the FIR along with several others.

Notably, this is the yet another FIR against trio by CBI as earlier also in month of November 2019, another company belonging to them SEL manufacturing company was booked by agency.

This case was registered on the complaint of Bank Of Maharashtra, whose officials had claimed that the company had defrauded the bank of Rs. 113.55 crores by resorting to various malafide activities such as diversion of funds, not utilising the loan fund for the purpose for which it was sanctioned, improper reporting of the financial data and other charges. At that time raids too were conducted at the residence of directors and other premises belonging to the company.