India News | ED Raids in Delhi-NCR, Punjab in Bank Loan 'fraud' Case
Get latest articles and stories on India at LatestLY. The Enforcement Directorate on Wednesday conducted searches at multiple premises in Delhi-NCR and Punjab as part of a money laundering investigation linked to an alleged Rs 988 crore bank loan fraud case, official sources said.
New Delhi, Jun 25 (PTI) The Enforcement Directorate on Wednesday conducted searches at multiple premises in Delhi-NCR and Punjab as part of a money laundering investigation linked to an alleged Rs 988 crore bank loan fraud case, official sources said.
The action is being undertaken against the promoters of a company, Shilpi Cables Technologies Ltd (SCTL), and some linked entities. Nine premises in Delhi-NCR and one in Jalandhar were part of the searches being conducted under the Prevention of Money Laundering Act (PMLA), the sources said.
The money laundering case stems from a CBI FIR alleging cheating a consortium of banks led by the IDBI Bank to the tune of Rs 988 crore by the promoters of SCTL and their associates, they said.
The ED suspects that a large portion of the money (loan) availed from the banks using LsC (Letters of Credit) were transferred abroad through "fake" transactions. The role of the company managing director (MD) Manish Goel is under the scanner of the agency, as per the sources.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)