From owning private jets to knowing who’s who, arrested businessman honcho Saluza lived life ‘in the form of a king’ | Tech Reddy


Neeraj Saluja, the businessman honcho and director of SEL Textiles, was arrested The Rs 1,500-crore fraud case by the Central Bureau of Investigation (CBI) has created an uproar in Ludhiana’s business community. Hailing from a family that was a major player in the hosiery business, Saluja is known to live a ‘king size’ life even as his colleagues and those who have done business with him admit that Saluja has always been fair in his dealings with them over the years. The case and his subsequent arrest came as a shock to them.

As most businessmen remained tight-lipped about the development, refusing to say anything on the record, Saluza took the family hosiery business to new heights with his brother when he began trading with Russia in the mid-1990s and set up an office in Moscow. He expanded spinning yarn and SEL textiles, setting up units in different parts of the state, exporting yarn to various countries.

“A few years ago, he owned a private jet,” recalls an industry player. Saluja is one of at least three businessmen in Ludhiana who own private jets—owners of Trident and Hero—the other two being corporates who own a jet.

Neeraj Shiromani is known to be very close to Akali Dal (SAD) president Sukhbir Badal. “Sukhbir has been the face of all the parties thrown by Saluza over the years. Be it his wedding anniversary celebrations in Ludhiana more than a decade ago or a party thrown by his brother in Gurgaon, Badal was always among the most prominent guests. In fact, a few years ago his brother had thrown a party at a hotel in Gurgaon. That hotel is believed to be built on a property owned by Badal but managed by a prominent hotel group,” said another businessman.

CBI has arrested Neeraj Saluja, director of Ludhiana-based SEL Textiles. 1,530.99 crore fraud case in Central Bank of India. He is currently in CBI custody.

The Central Bureau of Investigation (CBI) had on August 6, 2020 booked the yarn and cloth manufacturing company with units in Malut and Nawanshahr in Punjab, Nemrana in Rajasthan and Hansi in Haryana along with its directors. Bank.

It is alleged that the accused diverted huge amounts of bank loans to their respective parties and subsequently, adjustment entries were made. It is also alleged that Saluja showed procurement of machinery from non-named suppliers and thereby overinvoiced the bills, the CBI spokesperson said in a statement.

The spokesperson said that huge amounts of primary security against credit limits like stock and finished goods were settled by the accused for misappropriating bank funds as proceeds from sale of goods were not deposited in the bank. During the investigation, the CBI examined several persons and the director (Neeraj Saluja) was found evading his answers, he said. After the arrest of Neeraj Saluja, the business community of Ludhiana is in a stir as many people have been called in for questioning.


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