The Enforcement Directorate has hooked up assets price ₹828 crore together with land, buildings, manufacturing plant and equipment of Ludhiana-based SEL Textiles Limited in an alleged bank fraud case.
The cash laundering probe is predicated on a First Information Report registered by the Central Bureau of Investigation towards the corporate and its administrators, following allegations that they cheated a consortium of banks to the tune of ₹1,530 crore.
The accused made investments in the step-down subsidiaries in violation of the phrases and situations of the credit score amenities, made advance funds to associated events in the guise of procuring items and providers which by no means materialised, and acquired residential property for private use.
They allegedly made funds in lieu of import of machineries through intermediaries, for which import was pending even after the lapse of over 10 years. Also, the corporate didn’t obtain the export proceeds.
