Rs 988-cr bank fraud case: ED conducts searches at 10 locations in Delhi, Ludhiana
The Enforcement Directorate (ED) on Wednesday conducted searches on 10 premises, including nine in Delhi-NCR and one in Ludhiana, in connection with the Shilpi Cables Technologies Ltd case.
The ED case stems from a CBI FIR alleging bank fraud involving cheating and defrauding IDBI Bank Limited and other consortium banks to the tune of Rs 988 crore reportedly by promoters of M/s Shilpi Cables Technologies Ltd (SCTL) and their associates.
According to ED sources, a large portion of the money availed from banks using LsC (Letters of Credit) was allegedly transferred abroad through fake transactions.
The premises being searched belong to the entities and persons closely associated with the promoters of Shilpi Cables Technologies Ltd, they added.
Some entities are being indirectly controlled and operated by Manish Goel, Managing Director of the SCTL, officials said.
Several persons being covered in the searches have been office holders in the SCTL and have been involved in various activities like rotation of funds and cash infusion through various dummy entities into the entities beneficially owned and controlled by Goel, they informed.
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