ED raids SEL textiles in Ludhiana in connection with Rs 1530 crore bank fraud case: Team digging records at 13 premises

Chandigarh: Today the Enforcement Directorate (ED) is conducting raids at the company M/s SEL Textile Limited in Ludhiana, Punjab in connection with a bank fraud of Rs 1530 crore. Since Friday morning, the ED team has raided about 13 premises of the company. These include several residential, commercial and industrial properties in Ludhiana and Shaheed Bhagat Singh Nagar.

ED officials are conducting these raids by forming separate teams with paramilitary forces. The action is said to be a pursuant to the Information Report (ECIR) regarding the investigation by the Central Bureau of Investigation (CBI) in a bank fraud case against the company. The CBI had registered a case based on a complaint from the Central Bank of India. In which it was claimed that the company had committed a fraud of 1530 crores.