New Delhi, June 25 -- The Enforcement Directorate (ED) on Wednesday conducted searches at 10 premises across Delhi-NCR and Punjab in the case of Shilpi Cables Technologies Ltd (SCTL) linked to cheating and defrauding the IDBI bank limited and other consortium banks to the tunes of Rs 988 crores, sources said.

Since morning, raids have been underway at nine places in Delhi and NCR and one in Punjab's Ludhiana in the case, which the ED took on the basis of the Central Bureau of Investigation (CBI) FIR of bank fraud.

The case involves the promoters of Shilpi Cables Technologies Ltd (SCTL) and their associates cheating and defrauding IDBI Bank Limited and other consortium banks to the tune of Rs 988 crores.

Sources privy to the development...