ED conducts searches throughout NCR and Punjab in 988 crore financial institution fraud probe

Jun 25, 2025 03:21 PM IST

The monetary crimes probe company suspects that a big portion of the cash (mortgage) availed from the banks utilizing LCs (letters of credit score) had been transferred overseas by faux transactions

The Enforcement Directorate (ED) on Wednesday carried out raids at ten areas within the nationwide capital area (NCR) and Punjab in reference to a cash laundering probe into an alleged financial institution fraud price ₹988 crore, folks conversant in the event mentioned.

The raids had been carried out at 9 premises within the NCR and one in Jalandhar towards Shilpi Cables Technologies Ltd (SCTL). (@dir_ed)

The raids had been carried out at 9 premises within the NCR and one in Jalandhar towards Shilpi Cables Technologies Ltd (SCTL) underneath the prevention of cash laundering act (PMLA). The firm is accused of dishonest a consortium of banks led by the IDBI Bank to the tune of ₹988 crore.

ED’s probe is predicated on a Central Bureau of Investigation (CBI) first info report (FIR) on the matter.

The monetary crimes probe company suspects that a big portion of the cash (mortgage) availed from the banks utilizing LCs (letters of credit score) had been transferred overseas by faux transactions.

“The position of the corporate managing director (MD) Manish Goel is underneath the scanner of the company,” mentioned an officer cited above.

Also Read: ED raids 37 areas throughout NCR in classroom case probe

“Several individuals being lined within the search have been workplace holders in M/s SCTL and have been concerned in varied actions like rotation of funds and infusion of money by varied dummy entities into the entities beneficially owned and managed by Manish Goel,” the officer added.

SCTL was engaged within the enterprise of design and manufacturing wires and cables in car and telecom segments.

According to an announcement issued by ED in December 2024, investigation revealed that SCTL indulged in fudging books of accounts with faux gross sales and purchases.

“Sale and buy involving crores of rupees had been faux and mere e book entries. Huge quantities receivable by the corporate had been squared off by coming into into the agreements with the dummy entities. It was additional discovered that regardless of about ₹400 crore being receivable from the international entities in 2015-2016, the corporate continued provide of products on credit score to such entities in order to cheat the banks. Investigations revealed that the transactions had been faux,” the assertion mentioned.

It additional mentioned many belongings are acquired by the promoters within the names of shell entities.