4Photo© hindustantimes.comED Raids 10 Places In Delhi-NCR, Punjab In Rs 988 Crore Bank Fraud Case
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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.