Latest news with #ShilpiCablesTechnologiesLtd
India Gazette
6 hours ago
- Business
- India Gazette
ED raids 10 places in Delhi-NCR, Punjab in Rs 988 crore bank fraud case
New Delhi [India], June 25 (ANI): The Enforcement Directorate (ED) on Wednesday conducted searches at 10 premises across Delhi-NCR and Punjab in the case of Shilpi Cables Technologies Ltd (SCTL) linked to cheating and defrauding the IDBI bank limited and other consortium banks to the tunes of Rs 988 crores, sources said. Since morning, raids have been underway at nine places in Delhi and NCR and one in Punjab's Ludhiana in the case, which the ED took on the basis of the Central Bureau of Investigation (CBI) FIR of bank fraud. The case involves the promoters of Shilpi Cables Technologies Ltd (SCTL) and their associates cheating and defrauding IDBI Bank Limited and other consortium banks to the tune of Rs 988 crores. Sources privy to the development told ANI that the premises planned to be covered in the search action belong to the entities and persons closely associated with the promoters, Shilpi Cables Technologies Ltd. 'Some entities are being indirectly controlled and operated by Manish Goel (MD of SCTL),' said the sources, adding further, 'Several persons being covered in the search have been office holders in SCTL and have been involved in various activities like rotation of funds and infusion cash through various dummy entities into the entities beneficially owned and controlled by Manish Goel.' As per officials, a large portion of the money availed from banks devolving Letter of Credit was transferred abroad using fake transactions. (ANI)
Hindustan Times
6 hours ago
- Business
- Hindustan Times
ED conducts searches across NCR and Punjab in ₹988 crore bank fraud probe
Jun 25, 2025 03:21 PM IST The Enforcement Directorate (ED) on Wednesday carried out raids at ten locations in the national capital region (NCR) and Punjab in connection with a money laundering probe into an alleged bank fraud worth ₹ 988 crore, people familiar with the development said. The raids were carried out at nine premises in the NCR and one in Jalandhar against Shilpi Cables Technologies Ltd (SCTL). (@dir_ed) The raids were carried out at nine premises in the NCR and one in Jalandhar against Shilpi Cables Technologies Ltd (SCTL) under the prevention of money laundering act (PMLA). The company is accused of cheating a consortium of banks led by the IDBI Bank to the tune of ₹ 988 crore. ED's probe is based on a Central Bureau of Investigation (CBI) first information report (FIR) on the matter. The financial crimes probe agency suspects that a large portion of the money (loan) availed from the banks using LCs (letters of credit) were transferred abroad through fake transactions. 'The role of the company managing director (MD) Manish Goel is under the scanner of the agency,' said an officer cited above. Also Read: ED raids 37 locations across NCR in classroom case probe 'Several persons being covered in the search have been office holders in M/s SCTL and have been involved in various activities like rotation of funds and infusion of cash through various dummy entities into the entities beneficially owned and controlled by Manish Goel,' the officer added. SCTL was engaged in the business of design and manufacturing wires and cables in automobile and telecom segments. According to a statement issued by ED in December 2024, investigation revealed that SCTL indulged in fudging books of accounts with fake sales and purchases. 'Sale and purchase involving crores of rupees were fake and mere book entries. Huge amounts receivable by the company were squared off by entering into the agreements with the dummy entities. It was further found that despite about ₹ 400 crore being receivable from the foreign entities in 2015-2016, the company continued supply of goods on credit to such entities so as to cheat the banks. Investigations revealed that the transactions were fake,' the statement said. It further said many assets are acquired by the promoters in the names of shell entities.
India.com
10 hours ago
- Business
- India.com
ED Raids 10 Places In Delhi-NCR, Punjab In Rs 988 Crore Bank Fraud Case
The Enforcement Directorate (ED) on Wednesday conducted searches at 10 premises across Delhi-NCR and Punjab in the case of Shilpi Cables Technologies Ltd (SCTL) linked to cheating and defrauding the IDBI bank limited and other consortium banks to the tunes of Rs 988 crores, sources said. Since morning, raids have been underway at nine places in Delhi and NCR and one in Punjab's Ludhiana in the case, which the ED took on the basis of the Central Bureau of Investigation (CBI) FIR of bank fraud. The case involves the promoters of Shilpi Cables Technologies Ltd (SCTL) and their associates cheating and defrauding IDBI Bank Limited and other consortium banks to the tune of Rs 988 crores. Sources privy to the development told ANI that the premises planned to be covered in the search action belong to the entities and persons closely associated with the promoters, Shilpi Cables Technologies Ltd. "Some entities are being indirectly controlled and operated by Manish Goel (MD of SCTL)," said the sources, adding further, "Several persons being covered in the search have been office holders in SCTL and have been involved in various activities like rotation of funds and infusion cash through various dummy entities into the entities beneficially owned and controlled by Manish Goel." As per officials, a large portion of the money availed from banks devolving Letter of Credit was transferred abroad using fake transactions.
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Business Standard
10 hours ago
- Business
- Business Standard
ED raids in Delhi-NCR, Punjab in ₹988 crore bank loan 'fraud' case
The Enforcement Directorate on Wednesday conducted searches at multiple premises in Delhi-NCR and Punjab as part of a money laundering investigation linked to an alleged ₹988 crore bank loan fraud case, official sources said. The action is being undertaken against the promoters of a company, Shilpi Cables Technologies Ltd (SCTL), and some linked entities. Nine premises in Delhi-NCR and one in Jalandhar were part of the searches being conducted under the Prevention of Money Laundering Act (PMLA), the sources said. The money laundering case stems from a CBI FIR alleging cheating a consortium of banks led by the IDBI Bank to the tune of ₹ 988 crore by the promoters of SCTL and their associates, they said. The ED suspects that a large portion of the money (loan) availed from the banks using LsC (Letters of Credit) were transferred abroad through "fake" transactions. The role of the company managing director (MD) Manish Goel is under the scanner of the agency, as per the sources. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
NDTV
10 hours ago
- Business
- NDTV
Probe Agency Raids Delhi, Punjab In Case Linked To Rs 988 Crore Bank Fraud
New Delhi: The Enforcement Directorate on Wednesday conducted searches at multiple premises in Delhi-NCR and Punjab as part of a money laundering investigation linked to an alleged Rs 988 crore bank loan fraud case, official sources said. The action is being undertaken against the promoters of a company, Shilpi Cables Technologies Ltd (SCTL), and some linked entities. Nine premises in Delhi-NCR and one in Jalandhar were part of the searches being conducted under the Prevention of Money Laundering Act (PMLA), the sources said. The money laundering case stems from a CBI FIR alleging cheating a consortium of banks led by the IDBI Bank to the tune of Rs 988 crore by the promoters of SCTL and their associates, they said. The ED suspects that a large portion of the money (loan) availed from the banks using LsC (Letters of Credit) were transferred abroad through "fake" transactions. The role of the company managing director (MD) Manish Goel is under the scanner of the agency, as per the sources.
