Latest news with #LettersofCredit
The Hindu
07-07-2025
- Politics
- The Hindu
House sites will be distributed to all beneficiaries in Gannavaram soon, says A.P. Energy Minister
Energy Minister Gottipati Ravi Kumar announced that house sites would soon be distributed to all eligible beneficiaries in the Gannavaram constituency, while asserting that the coalition government was committed to keeping all of its promises. Participating in the government's public outreach programme meant to highlight its achievements in the last one year, at Gannavaram on Monday, Mr. Ravi Kumar said that Chief Minister N. Chandrababu Naidu was striving to deliver every promise that was made ahead of the 2024 general elections, with due focus on both welfare and development. He praised Gannavaram MLA Yarlagadda Venkata Rao for being accessible to the people and redressing their grievances. The Minister called upon the public to make the most of the schemes being implemented by the government, and enquired about the disbursement of pensions and other benefits like the financial assistance under 'Thalliki Vandhanam' and other schemes. Later, Mr. Ravi Kumar and the MLA gave away cheques under the Chief Minister Relief Fund and Letters of Credit amounting to ₹23.92 lakh to 33 beneficiaries, and inaugurated cement concrete roads constructed at a cost of ₹45 lakh with MGNREGS funds.
Hindustan Times
26-06-2025
- Business
- Hindustan Times
ED raids in Punjab, Delhi-NCR in bank loan ‘fraud' case
By Press Trust of India , New Delhi Jun 26, 2025 09:22 AM IST 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 ₹ 988 crore bank loan fraud case, official sources said. The ED suspects that a large portion of the money (loan) availed from the banks using Letters of Credit were transferred abroad through 'fake' transactions. (HT Photo) 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 ₹ 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.
Time of India
25-06-2025
- Business
- Time of India
ED conducts searches across NCR and Punjab in Rs 989 crore bank 'fraud' probe
NEW DELHI: The Enforcement Directorate on Wednesday conducted fresh raids as part of a money laundering probe against the former promoters of Delhi-based Shilpi Cables Technologies Ltd (SCTL), in connection with an alleged Rs 989 crore bank loan fraud case, news agency PTI reported. Nine premises in the National Capital Region and one in Jalandhar, Punjab, were searched under the Prevention of Money Laundering Act (PMLA). SCTL, which manufactured wires and cables for the automobile and telecom sectors, has been under insolvency since 2017. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi The ED had earlier searched multiple locations in this case in December 2024. The money laundering case is based on a 2021 CBI FIR, which alleged that the company's promoters and their associates cheated a consortium of banks led by IDBI Bank . According to the FIR, loans were taken in the name of business but diverted for unauthorised purposes. The promoters later defaulted, causing losses amounting to Rs 989 crore. The ED suspects that a large portion of the bank loans, obtained through Letters of Credit (LCs), was transferred abroad via fake transactions. The role of the company's former managing director, Manish Goel, is under investigation.
The Hindu
25-06-2025
- Business
- The Hindu
ED raids in Delhi-NCR, Punjab in ₹988 crore bank loan 'fraud' case
The Enforcement Directorate (ED) on Wednesday (June 25, 2025) conducted searches at multiple premises in Delhi-NCR and Punjab as part of a money laundering investigation linked to an alleged ₹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 ₹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.
Mint
25-06-2025
- Business
- Mint
ED conducts raids in Delhi-NCR, Punjab in ₹988 crore loan fraud case
The Enforcement Directorate (ED) carried out searches on Wednesday at several locations across Delhi-NCR and Punjab as part of a money laundering probe related to an alleged ₹ 988 crore bank loan fraud case, official sources told PTI. '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 ₹ 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.
