ED raids 10 places in Delhi-NCR, Punjab in Rs 988 crore bank fraud case

ANI
25 Jun 2025, 12:16 GMT+10

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)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to India Gazette.

More Information

null in null

Business

Section

Tariffs, inflation raise stagflation risk as Fed eyes next move

US growth slows as tariffs fuel inflation, housing weakens

WASHINGTON, D.C.: U.S. business activity showed signs of softening in June while inflationary pressures continued to build, driven...

U.S. stocks extend rally as Israel and Iran make peace

Dow Jones jumps 507 points as Mideast truce takes hold

NEW YORK, New York - U.S. stock markest closed sharply higher on Tuesday as a truce entered into between Irsael and Iran after 12 days...

Meta unveils Oakley AI glasses as next step in wearable tech push

Meta teams up with Oakley for launch of AI-powered smart glasses

MENLO PARK, California: Meta is taking another swing at smart eyewear—this time with a sporty edge. The company announced a new partnership...

Markets rally on hopes Iran won’t disrupt oil flow

US stocks rise as oil fears ease amid Iran tensions

NEW YORK CITY, New York: U.S. stocks went up and oil prices fell this week as investors hoped that Iran would not block the global...

Water guns become symbol of anti-tourism anger in Barcelona

Barcelona locals spray tourists with water guns in protest

BARCELONA, Spain: Residents of Barcelona have devised a novel way to protest the presence of tourists in their city. Using a cheap...

Bird flu plan in the works as USDA weighs export, vaccine risks

USDA mulls poultry vaccine as bird flu divides industry players

CHICAGO, Illinois: For the first time in history, U.S. officials are considering a coordinated plan to vaccinate poultry against bird...

Delhi

Section

"Those who strangled constitution are now posing as its protectors": Assam CM Himanta Biswa Sarma on Emergency anniversary

Guwahati (Assam) [India], June 25 (ANI): On the 50th anniversary of the 1975 emergency, Assam Chief Minister Himanta Biswa Sarma hit...