Latest news with #LsC
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.
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.
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Business Standard
25-06-2025
- Business
- Business Standard
ED raids in Delhi-NCR, Punjab in ₹988 crore bank loan 'fraud' case
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 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. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
NDTV
25-06-2025
- Business
- NDTV
Probe Agency Raids Delhi, Punjab In Case Linked To Rs 988 Crore Bank Fraud
New Delhi: 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.
