New Delhi [India], June 25 : 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.