On June 24, the Enforcement Directorate (ED) executed a series of extensive search operations at various locations across the country. This initiative is part of an ongoing investigation into Shilpi Cables Technologies Limited (SCTL) and its promoters. Reports indicate that searches were conducted at nine sites in the Delhi-NCR region and one in Ludhiana, Punjab. The case is connected to an alleged fraud amounting to approximately ₹988 crores involving IDBI Bank Limited and other consortium banks. It is claimed that the promoters of SCTL and their associates transferred loan amounts and funds for developing Letters of Credit (LC) abroad through fraudulent transactions.

Sources have revealed that actions are being taken against the promoters of Shilpi Cables Technologies Limited (SCTL) and several affiliated entities. The raids are being carried out under the Prevention of Money Laundering Act (PMLA) at nine locations in the Delhi-NCR area and one in Jalandhar. The money laundering case emerged from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI), which accuses the promoters of SCTL and their associates of defrauding a consortium of banks led by IDBI Bank of ₹988 crores.

According to sources, the ED suspects that a significant portion of the funds obtained from banks through Letters of Credit (LC) was transferred abroad via 'fake' transactions. The agency is currently investigating the role of the company's Managing Director (MD), Manish Goyal.