ED seizes Rs1.88 Crore, jewellery worth 2.28 Crore during raids in multiple locations
Enforcement Directorate Raids Shilpi Cable Technologies
Raids Conducted in Delhi, NCR, and Mumbai
The Enforcement Directorate (ED) recently carried out raids at multiple locations in Delhi, NCR, and Mumbai. These locations were associated with Shilpi Cable Technologies Limited (SCTL) and its promoters.
Seizure Details
During the raids, the ED seized cash amounting to Rs 1.88 Crore and jewellery valued at Rs 2.28 Crore. The raids were conducted by the Delhi Zonal Office on December 4.
Involvement of Promoters
The search operations targeted properties belonging to the former promoters and directors of SCTL, including Manish Goel and Vishal Goel. Various pieces of evidence related to assets and bank accounts held through several companies by the promoters were also recovered and seized.
Doubts Revealed
Enforcement Directorate
The Enforcement Directorate (ED) is a government agency in India that investigates financial crimes like money laundering and fraud. They make sure that people and companies follow the rules about money.
Raids
Raids are surprise visits by authorities like the police or ED to check for illegal activities. They search places to find evidence of wrongdoing.
Shilpi Cable Technologies
Shilpi Cable Technologies Limited (SCTL) is a company that makes cables, which are used to connect electronic devices. They were being investigated for financial issues.
Delhi, NCR, and Mumbai
Delhi is the capital city of India. NCR stands for National Capital Region, which includes areas around Delhi. Mumbai is a big city in India, known as the financial capital.
Promoters
Promoters are people who start and help grow a company. In this case, Manish Goel and Vishal Goel were the promoters of Shilpi Cable Technologies.
Seizure
Seizure means taking away something by authority, like money or property, because it might be involved in illegal activities.
Crore
A crore is a unit in the Indian numbering system equal to ten million (10,000,000). It's used to count large amounts of money.
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