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Rs 1530 crore fraud in Central Bank of India and Other Banks by SEL Textiles


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A series of searches were conducted at 15 locations, covering residential, commercial, and industrial properties of SEL Textiles Limited and its associates in Ludhiana and Shaheed Bhagat Singh Nagar. The enforcement directorate (ED) initiated these raids on Friday as part of an investigation into a ₹1,530-crore bank fraud case involving the company. These searches extend to various properties linked to the firm.

The ED has been scrutinizing SEL Textiles Limited since 2020. The allegations suggest that the company diverted loan funds amounting to ₹1,530 crore that it had received from a consortium of banks, with the Central Bank of India leading the group.

Back in February 2023, the ED had seized assets valued at ₹828 crore associated with SEL Textiles Limited. These assets included land, buildings, and plant machinery situated in Ludhiana, Sri Muktsar Sahib, Shaheed Bhagat Singh Nagar, Alwar, and Hisar.

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