Massive Rs 988 Crore Bank Fraud Uncovered in ED Raids

The Enforcement Directorate (ED) launched an extensive crackdown on Wednesday, executing searches at 10 premises across Delhi-NCR and Punjab. These operations are linked to Shilpi Cables Technologies Ltd (SCTL), in a high-stakes case involving deceit and fraud upon IDBI Bank Limited, alongside other consortium banks, amounting to a staggering Rs 988 crores, according to sources.

From the morning hours, raids unfolded at nine locations in Delhi and NCR as well as one in Ludhiana, Punjab. The investigation stems from a Central Bureau of Investigation (CBI) FIR regarding the bank fraud. It implicates SCTL's promoters and their associates in a complex cheating conspiracy against IDBI Bank Limited and affiliated banks.

Insiders reveal that the targeted premises are linked to individuals and entities associated closely with Shilpi Cables Technologies Ltd. Allegations have surfaced against Manish Goel, Managing Director of SCTL, purportedly controlling and operating certain entities indirectly. The raids also spotlight several individuals once holding positions within SCTL, accused of fund rotation and cash infusion through purportedly dummy entities owned by Goel. A significant portion of the fraudulent funds was allegedly transferred abroad using fabricated transactions, said officials. (ANI)

(With inputs from agencies.)