Banking News

The Enforcement Directorate (ED) has searched 10 locations in Delhi-NCR and one in Ludhiana in connection with a Rs 988 crore bank loan fraud involving Shilpi Cables Technologies Ltd (SCTL), as part of a probe based on a CBI FIR.

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ED Raids 10 Locations in Rs 988 Cr Loan Fraud Probe Involving Shilpi Cables

SCTL's promoters, including MD Manish Goel, are accused of defrauding IDBI Bank and a consortium of lenders through manipulated letters of credit and routing funds abroad via fictitious trade deals.

The ED is probing Goel and entities linked to him, including dummy firms used for fund rotation and illicit cash infusion. Investigators claim Goel infused illicit funds into businesses he beneficially owned to launder and legitimise the proceeds of crime.

Separately, the ED is also conducting searches in Mumbai, Surat, and Ahmedabad in a Rs 100 crore cybercrime case involving fake USDT trading and digital arrest scams, where funds were transferred abroad via cryptocurrency and hawala routes.

Union Bank of India to Raise Rs 6,000 Crore via Equity and Debt for Growth

Union Bank of India has announced plans to raise Rs 6,000 crore through a combination of equity and debt instruments to support its business expansion. The public sector lender stated in a regulatory filing that the decision was approved at its recent board meeting.

Of the total amount, up to Rs 3,000 crore will be mobilised through equity issuance in one or more tranches via public issue, rights issue, private placements including Qualified Institutional Placements (QIPs), or a combination thereof. This fundraising is contingent on approvals from the government, regulators, and shareholders.

In addition, the bank's board cleared the issuance of Basel-III compliant bonds, comprising up to Rs 2,000 crore in Additional Tier-1 (AT-1) bonds and up to Rs 1,000 crore in Tier-2 bonds, which may include foreign currency denominated options. The fundraising move reflects the bank's aim to strengthen its capital base and support future growth.

SBI Begins Recruitment for 541 Probationary Officers