ED conducts searches across NCR and Punjab in Rs 989 crore bank 'fraud' probe
NEW DELHI: The Enforcement Directorate on Wednesday conducted fresh raids as part of a money laundering probe against the former promoters of Delhi-based Shilpi Cables Technologies Ltd (SCTL), in connection with an alleged Rs 989 crore bank loan fraud case, news agency PTI reported.
Nine premises in the National Capital Region and one in Jalandhar, Punjab, were searched under the Prevention of Money Laundering Act (PMLA).
SCTL, which manufactured wires and cables for the automobile and telecom sectors, has been under insolvency since 2017.
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The ED had earlier searched multiple locations in this case in December 2024.
The money laundering case is based on a 2021 CBI FIR, which alleged that the company's promoters and their associates cheated a consortium of banks led by
IDBI Bank
.
According to the FIR, loans were taken in the name of business but diverted for unauthorised purposes. The promoters later defaulted, causing losses amounting to Rs 989 crore.
The ED suspects that a large portion of the bank loans, obtained through Letters of Credit (LCs), was transferred abroad via fake transactions. The role of the company's former managing director, Manish Goel, is under investigation.
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