ED attaches textile agency’s properties price Rs 800 cr
Ludhiana, February 17
The Directorate of Enforcement has provisionally connected properties price Rs 828 crore of SEL Textiles Restricted, a Ludhiana-based firm, in reference to a financial institution fraud case. The properties connected embody land & constructing and plant & equipment of the corporate located at Alwar, Hisar, Sri Muktsar Sahib, Shaheed Bhagat Singh Nagar (Nawanshahr) and Ludhiana.
The Directorate had initiated an investigation below the provisions of the Prevention of Cash Laundering Act, 2002 on the premise of an FIR registered by the Central Bureau of Investigation within the 2020, based mostly on grievance filed by the Central Financial institution of India towards the corporate and its administrators for dishonest and misappropriation of mortgage quantity to the tune of Rs 1,530 crore.
Investigation revealed that the administrators had fraudulently diverted the mortgage quantity availed from a consortium of banks, led by the Central Financial institution of India, by investments made into subsidiaries in violation of phrases & situations of mortgage availed; advance funds made to associated events in guise of procuring items and companies which by no means materialised; buying residential property for private use; funds made in lieu of import of equipment by means of intermediaries for which import is pending even after lapse of greater than 10 years and non-realisation of export proceeds. Additional investigation is happening within the case.