In a major Enforcement Directorate (ED) action, raids are being conducted on the textile major M/s SEL Textiles Limited and entities associated with the company in Rs. 1,530 crore bank fraud case. According to highly placed sources the raids which started early morning Friday are being conducted on 15 premises as of now which includes several residential, commercial and industrial properties (majorly in Ludhiana) and Shaheed Bhagat Singh Nagar. ED officials accompanied by paramilitary force are conducting these raids by forming different teams.

The action is being said to be the follow up of the ED’s Enforcement Case Information Report (ECIR) filed in 2020 against SEL Textiles Limited in connection with the bank fraud case against the company being probed by Central Bureau of Investigation (CBI). The CBI case was filed on the basis of a complaint by Central Bank of India claiming that company has cheated and misappropriated loan amount to the tune of Rs. 1530 crores.

Notably ED in February 2023 had attached assets worth Rs. 828 crore belonging to the company, which included land & building, plant & machinery at Ludhiana, Sri Muktsar Sahib, Shaheed Bhagat Singh Nagar (Nawanshahr) Alwar and Hisar. ED investigation so far had found out that SEL Textiles Limited had diverted the loan amount availed from consortium of banks led by Central Bank of India.

ED RAIDS BANK FRAUD CBI CENTRAL BANK OF INDIA