ED raids Delhi-NCR, Punjab locations in Rs 988-cr bank fraud case
THE JHARKHAND STORY DESK New Delhi, June 25: The Enforcement Directorate (ED) on Wednesday launched a massive crackdown in connection with…
THE JHARKHAND STORY DESK
New Delhi, June 25: The Enforcement Directorate (ED) on Wednesday launched a massive crackdown in connection with a ₹988-crore bank fraud involving Shilpi Cables Technologies Ltd (SCTL), with coordinated searches across 10 locations in Delhi-NCR and Punjab.
The case, which stems from a CBI FIR, centers around alleged financial misappropriation by SCTL’s promoters, including Managing Director Manish Goel, who is accused of masterminding the operation.
According to sources, several entities under scrutiny are either directly or indirectly linked to Goel. Some of these firms, while appearing independent, are said to be secretly operated and controlled by him.
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The individuals whose premises were raided are believed to have served in key roles within SCTL and allegedly facilitated the rotation and layering of funds through dummy companies.
Investigators believe that a significant chunk of the credit availed by the company—primarily in the form of Letters of Credit (LCs)—was moved out of the country via bogus transactions. Funds were reportedly infused into Goel-controlled entities under the guise of legitimate financial flows.
The ED’s action targeted not just the company’s offices, but also residences and associated firms of those believed to be complicit in the large-scale defrauding of IDBI Bank and other consortium banks.
Of the 10 locations raided, nine were in Delhi-NCR, and one was in Ludhiana, Punjab.
