The Enforcement Directorate (ED) on Wednesday carried out raids at 10 different locations in Delhi-NCR and Punjab. These raids were part of an investigation related to a huge bank fraud of Rs 988 crore, in which Shilpi Cables Technologies Ltd (SCTL) is the main accused.
The ED started these raids after taking up the case based on a complaint (FIR) earlier filed by the Central Bureau of Investigation (CBI). The case is about cheating and defrauding banks, especially IDBI Bank and other banks that were part of a loan consortium (a group of banks that gave a loan together).
The main people involved are the promoters of Shilpi Cables Technologies Ltd (SCTL) and their close associates. According to sources:
- The raids are targeting places connected to people and companies related to the promoters of SCTL.
- Some of these companies are secretly run and controlled by Manish Goel, who is the Managing Director (MD) of SCTL.
- Several individuals who are being investigated had important roles in SCTL, such as helping in moving money around through fake companies (dummy entities) and bringing in money through illegal means.
Officials have said that a large part of the money taken from the banks was supposed to be used for business. However, instead of using it properly, the company:
- Misused Letters of Credit (a kind of loan guarantee from the bank),
- Faked transactions, and
- Sent the money abroad illegally.
The ED is doing investigation and more details will be released soon.
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