India, June 25 -- The Enforcement Directorate (ED) on Wednesday carried out raids at ten locations in the national capital region (NCR) and Punjab in connection with a money laundering probe into an alleged bank fraud worth Rs.988 crore, people familiar with the development said.

The raids were carried out at nine premises in the NCR and one in Jalandhar against Shilpi Cables Technologies Ltd (SCTL) under the prevention of money laundering act (PMLA). The company is accused of cheating a consortium of banks led by the IDBI Bank to the tune of Rs.988 crore.

ED's probe is based on a Central Bureau of Investigation (CBI) first information report (FIR) on the matter.

The financial crimes probe agency suspects that a large portion of the mo...