ED raids in Delhi-NCR, Punjab in bank 'fraud' case
Case stems from a CBI FIR alleging cheating a consortium of banks to the tune of Rs 988 crore by the promoters of Shilpi Cables Technologies Ltd and their associates
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The Enforcement Directorate on Wednesday conducted searches at 10 locations—nine in Delhi NCR and one in Ludhiana, Punjab—in connection with the Shilpi Cables Technologies Ltd (SCTL) case.
The investigation stems from a CBI FIR alleging bank fraud involving cheating and defrauding IDBI Bank and other consortium banks of approximately Rs 988 crore, reportedly by promoters of SCTL and their associates.
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According to ED sources, a significant portion of the funds obtained through devolving Letters of Credit (LCs) was transferred abroad via fake transactions.
The premises being searched belong to entities and individuals closely linked to the promoters of SCTL.
Officials noted that several entities are indirectly controlled by Manish Goel, Managing Director of SCTL.
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Multiple persons under scrutiny have held official positions within SCTL and have been involved in fund rotation and cash infusion through dummy entities controlled by Goel, they said.
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