Linked to Shilpi Cable Technologies Limited (SCTL), ED Seizes Rs 1.88 Crore Cash, Rs 2.28 Crore Jewelry in Raid

By A Staff Reporter

New Delhi: The Enforcement Directorate (ED) conducted search operations on December 4 at 18 locations across Delhi, NCR, and Mumbai linked to Shilpi Cable Technologies Limited (SCTL) and its promoters, Manish Goel and Vishal Goel.

The raids led to the seizure of unexplained cash amounting to Rs 1.88 Crore and jewelry valued at Rs 2.28 Crore. According to the ED, several pieces of evidence pertaining to assets and bank accounts held through various companies by the promoters were also recovered during the operation.

The search operation is part of an ongoing investigation into alleged financial irregularities involving SCTL. The ED claims that the seized materials provide crucial evidence related to the illicit transfer of assets and the concealment of funds.

Sources close to the investigation confirmed that the promoters of SCTL, along with other individuals linked to the company, are under scrutiny for their involvement in financial discrepancies and money laundering activities.

The ED’s actions come after a thorough probe into the financial dealings of SCTL, with the agency focusing on uncovering hidden assets and the movement of illicit money through shell companies.

This raid is expected to intensify the ongoing investigation and could lead to further legal action against the company and its promoters.