The Enforcement Directorate has attached assets worth ₹828 crore including land, buildings, manufacturing plant and machinery of Ludhiana-based SEL Textiles Limited in an alleged bank fraud case.
The money laundering probe is based on a First Information Report registered by the Central Bureau of Investigation against the company and its directors, 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 terms and conditions of the credit facilities, made advance payments to related parties in the guise of procuring goods and services which never materialised, and bought residential property for personal use.
They allegedly made payments in lieu of import of machineries via intermediaries, for which import was pending even after the lapse of over 10 years. Also, the company did not receive the export proceeds.
