Investigative authorities seize properties in multiple locations, including Delhi-NCR and Punjab, as part of a Rs 988 crore bank fraud inquiry.
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Hey there! The Enforcement Directorate (ED) just busted some major bank fraud on June 25, 2025. They've been raiding 10 hotspots across Delhi-NCR, Punjab's Ludhiana, and Jalandhar. The suspects? None other than Shilpi Cables Technologies Ltd (SCTL) and its infamous promoter, Manish Goel.
According to the investigation, this cunning duo, along with their cronies, swindled a whopping Rs 988 crore from IDBI Bank Limited and a whole bank consortium! The victims were tricked through deceitful Letter of Credit transactions.
What's the catch? The ill-gotten money wasn't stashed in Swiss bank accounts or just lying around. A big chunk of it was transported overseas through cleverly fabricated trade deals and phony transactions, sneaky right?
The ED got tipped off after the Central Bureau of Investigation (CBI) filed an FIR versus SCTL's promoters for duping the banks. They believe that Manish Goel, with the help of his associaates, laundered the illicit funds back into their companies, hiding them among a labyrinth of dummy firms.
To make things worse, some premises connected to former SCTL officials and indirectly controlled entities by Manish Goel were searched to uncover the money laundering schemes and intricate fund rotation methods.
So, folks, if the ED proves their allegations, the SCTL case will not only be a major bank fraud case but a significant money laundering case as well, under the Prevention of Money Laundering Act (PMLA). All signs point to a thrilling investigation into the financial transactions, fund flows, and the company structure, aiming to trace the laundering of this massive ₹988 crore. Keep an eye out for more updates!
Enrichment Data:
The latest ED raids on June 25, 2025, target SCTL and Manish Goel in a bank loan fraud case of Rs 988 crores stemming from deceitful Letter of Credit transactions. The probe involves possible money laundering using dummy firms to route funds and launder illegal proceeds into legitimate business income[1][2][4][5]. The separate cybercrime fraud case, distinct from the SCTL fraud case, is also being probed by the ED[2][4][5].
In light of the Enforcement Directorate's (ED) raids on SCTL and Manish Goel, the finance industry and general news are abuzz with the potential money laundering case following a bank loan fraud of approximately Rs 988 crores. This case, under the Prevention of Money Laundering Act (PMLA), reveals the alleged use of dummy firms to route funds and launder illegal proceeds into legitimate business income, also being investigated in a separate cybercrime fraud case [1][2][4][5]. The crime-and-justice sector remains vigilant as the investigation delves into the financial transactions, fund flows, and the company structure to trace the laundering of this massive ₹988 crore.
