Directorate of Enforcement (ED), Delhi Zonal Office, conducted search operations on 04 December 2024 at 18 locations in Delhi, NCR and Mumbai belonging to Shilpi Cable Technologies Limited (SCTL), the then promoters/ directors Manish Goel, Vishal Goel and other companies related to them.
ED initiated investigations on the basis of FIR registered by CBI, New Delhi, against Shilpi Cable and its promoters for cheating Banks. As per the FIR, Shilpi Cable cheated banks to the tune of Rs 989 Crore. The company was engaged in the business of design and manufacturing of wires and cables in automobile and telecom segments. The FIR alleged that the said entity took loans from banks for business purposes and diverted the bank funds…
