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Punjab: In a major development, the Enforcement Directorate (ED) has taken significant steps to uncover financial irregularities related to M/s SEL Textiles Limited. The search operations, conducted on January 12, 2024, under the provisions of the Prevention of Money Laundering Act, 2002, targeted 14 premises associated with the textile company in Ludhiana and Nawanshahr, Punjab.
The operation yielded substantial results, with the ED seizing Rs. 60 lakh in cash, along with incriminating documents and digital evidence. The investigation was prompted by a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) in New Delhi. The FIR, under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, implicated M/s SEL Textiles Limited, Late Ram Saran Saluja, Neeraj Saluja, Dhiraj Saluja, and others.
The alleged financial malpractices involved causing a wrongful loss of approximately Rs. 1531 Crore to a consortium of banks, led by the Central Bank of India. The ED’s investigation revealed that M/s SEL Textiles Limited and its directors had fraudulently diverted the loan amount obtained from the consortium of banks. The modus operandi included investments in subsidiaries in violation of loan terms, advance payments to their firms under pretenses, and the purchase of residential property for personal use.
Further findings in the ED investigation uncovered dubious financial activities such as payments made in lieu of importing machinery through intermediaries, with the import still pending even after a decade. Additionally, export proceeds were not realized, compounding the financial misconduct.
This recent action by the ED is part of a broader probe into the financial affairs of M/s SEL Textiles Limited. Earlier stages of the investigation saw the provisional attachment of assets valued at Rs. 829 Crore, including land, machinery, and plant and building structures at four locations in Punjab, Haryana, and Rajasthan. The Hon’ble Adjudicating Authority for the Prevention of Money Laundering Act has since confirmed these attachments.
The unfolding developments in the investigation underscore the severity of the alleged financial wrongdoing and the ED’s commitment to unraveling complex financial frauds. The findings of the probe will likely have far-reaching consequences, not only for the individuals involved but also for the larger financial sector as authorities aim to uphold the integrity of the banking system.
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