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SEL booked for Rs 113 crore fraud by CBI

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Recently, CBI registered an FIR against the directors and owners of SEL Manufacturing Company Limited. The company has come up for allegedly causing a wrongful loss of Rs 113.55 crore to Bank of Maharashtra. Central Bureau of Investigation registered an FIR against the owners Neeraj Saluja, Dheeraj Saluja and Ram Saran Saluja. Apart from them, nine other people were booked by the CBI under Sections 120B r/w, 403 and 420 of the IPC, 13(2) r/w 13 (1) (d) of the Prevention of Corruption Act, 1988.

On Tuesday, CBI teams had conducted raid son various locations throughout the country which included Ludhiana relating to 7200 bank fraud. 2 business houses – one of a liquor baron and the other of SEL came under scanner as defaulters. Sel had already been classified by RBI as a fraud company in 2018.

“A written complaint dated November 2 had been received against SEL Manufacturing Company Limited and its directors, alleging a fraud perpetrated on the bank by the company and its directors in the credit facilities sanctioned by BoM, main branch Ludhiana,” the CBI said.

“It was alleged that SEL and its directors resorted 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 financial data to commit misappropriation and cheating, thereby causing a loss to BoM to the tune of Rs 113.55 crore,” the CBI said.

 

SOURCE: TOI

 

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