Archive · 25 Jun 2025
ED Raids Former Shilpi Cables Promoters in Bank Loan Fraud
Detectives are looking into a company called Shilpi Cables because they think the company's former owners took a big loan from the bank and did something wrong with it.
The detectives think that the owners might have moved a lot of money out of the country using fake deals.
They searched several places to find clues.
The detectives are trying to figure out what happened and how much money was involved.
ED conducted fresh searches in Delhi-NCR and Jalandhar, Punjab.
The searches are part of a money laundering investigation.
The case involves a ₹989 crore bank loan fraud.
The investigation is against the former promoters of Shilpi Cables Technologies Ltd (SCTL).
ED suspects loan money was transferred abroad through "fake" transactions.
- Who
- The ED is investigating the former promoters of Shilpi Cables Technologies Ltd (SCTL).
- What
- The Enforcement Directorate (ED) conducted fresh searches as part of a money laundering investigation.
- When
- Searches were conducted on Wednesday.
- Where
- Searches were conducted in Delhi-NCR and Jalandhar, Punjab.
- Why
- The ED is investigating a ₹989 crore bank loan fraud case and suspected illegal transfer of funds.
Former Shilpi Cables Promoters
Enforcement Directorate
Response
Former Shilpi Cables Promoters
Could not be contacted for comment on the ED action
Enforcement Directorate
N/A
- Organization Involved
- Shilpi Cables Technologies Ltd (SCTL)
- Investigation Agency
- Enforcement Directorate (ED)
- Date of Searches
- Wednesday
- Locations Searched
- Delhi-NCR and Jalandhar, Punjab
- Alleged Fraud Amount
- ₹989 crore
- Bank Involved
- IDBI Bank and other consortium banks
- Allegation
- Transferring loan money abroad through fake transactions
Sources
Shilpi Cables Technologies under scanner, ED conducts searches across 10 locations
Probe Agency Raids Delhi, Punjab In Case Linked To Rs 988 Crore Bank Fraud
ED conducts raids in Delhi-NCR, Punjab in ₹988 crore loan fraud case
ED raids in Delhi-NCR, Punjab in bank loan ‘fraud’ case
