Overview

• Raids on June 24 covered nine premises in Delhi-NCR and one in Jalandhar under the Prevention of Money Laundering Act following a CBI FIR
• The probe centers on Shilpi Cables Technologies Ltd’s ₹988 crore bank fraud against IDBI Bank and a consortium of lenders
• ED sources say loans secured via letters of credit were diverted abroad through fictitious trade transactions
• Searches targeted properties linked to MD Manish Goyal and associates accused of rotating funds through fake firms
• Investigators are widening the scope to trace assets bought in shell-entity names and cash infusions disguised as legitimate business