ED raids 10 locations in Delhi-NCR, Punjab in Rs 988-crore bank fraud case https://t.co/IweX1vB3bt
#ED searches 10 places in Delhi-NCR, Punjab in ₹988 crore loan fraud case https://t.co/kGCdJE3DHV
#ED raids in Delhi-NCR, Punjab in ₹988 crore bank loan 'fraud' case https://t.co/LR9FvmHJH1
India’s Enforcement Directorate on Wednesday searched ten premises across Delhi-NCR and Punjab as part of a money-laundering investigation into an alleged ₹988 crore bank loan fraud involving Shilpi Cables Technologies Ltd. The action, conducted under the Prevention of Money Laundering Act, follows a Central Bureau of Investigation first-information report accusing the cable-maker’s promoters of cheating a consortium of banks led by IDBI Bank. Investigators say the company obtained letters of credit that were later dishonoured, with a substantial portion of the funds routed overseas through fictitious transactions. ED officials are examining the role of Managing Director Manish Goel and several associates who allegedly rotated funds and channelled cash through shell companies beneficially owned by the promoters. Previous findings cited by the agency indicate SCTL falsified sales and purchase records and continued to extend credit to foreign entities despite mounting receivables, enabling it to misrepresent its financial position to lenders. Assets purportedly bought in the names of related shell entities are also under scrutiny. The searches are expected to yield additional evidence ahead of possible attachment of properties and prosecution complaints.
