New Delhi, Oct 28 (PTI) The CBI has arrested director of Ludhiana-based SEL Textiles Neeraj Saluja in connection with a Rs 1530.99 crore fraud case in the Central Bank of India, officials said on Friday.

The Central Bureau of Investigation (CBI) had booked the yarn and fabrics manufacturing company, which has units at Malout and Nawanshahr in Punjab, Nemrana in Rajasthan and Hansi in Haryana, on August 6, 2020, along with its directors on a complaint from the bank.

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Saluja will be produced before a special court in Mohali on Saturday, the officials said.

"It was alleged that huge amounts of bank loans were diverted by the the accused to its related parties and subsequently, adjustment entries were made. It was also alleged that the accused had shown procurement of machineries from non-reputed suppliers and thereby over-invoiced the bills," a CBI spokesperson said in a statement.

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The spokesperson said huge amount of primary security against the credit limit such as stock and finished goods were allegedly disposed off by the accused to misappropriate bank money as sale proceeds of goods were not deposited with the bank.

During investigation, the CBI had examined several persons and the director (Saluja) was found to be evasive in his replies, he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)