The Enforcement Directorate (ED) carried out a large-scale search operation at different places in the country on 24 June. This action is part of the ongoing investigation against Shilpi Cables Technologies Limited (SCTL) and its promoters.
According to sources, 9 places were searched in Delhi-NCR and 1 place in Ludhiana, Punjab. The case is related to fraud of about ₹ 988 crore against IDBI Bank Limited and other consortium banks. It is alleged that SCTL promoters and their associates sent the loan and development LC taken from the bank abroad through fake transactions.
Sources said that action is being taken against Shilpi Cables Technologies Limited (ACTL) company promoters and some affiliated institutions. Sources said that under the Money Laundering Prevention Act (PMLA), nine campuses in Delhi-NCR and a campus in Jalandhar are being raided.
He said that the case of money refinement has come up from an FIR of the Central Bureau of Investigation (CBI), alleging that SCTL’s promoters and other colleagues are accused of cheating Rs 988 crore from a union of IDBI Bank banks.
According to sources, the ED suspects that a large part of the money (loan) received from banks was transferred abroad through “fake” transactions using LSC (Letters of Credit). The agency is investigating the role of Manish Goyal, Managing Director (MD) of the company.
