It had been reported that the Tractor Boys are showing genuine interest in the 26-year old gloveman but McCarthy made the suggestion that there were perhaps some lies coming out of Rugby Park.
But Shiels has hit back at those claims stating that he only heard on the grapevine that Ipswich were interested in his player.
He also made it clear that Bell had not signed with Rangers after an agent called him to find out more information on the matter.
"I've done nothing wrong and Mick is wrong," said the Killie boss.
"I'm surprised Mick didn't ring me to say, 'What's happening here because you're saying we're interested in your keeper and it's not the case. I expected some sort of call but it didn't come."
He added: "When the press asked me I just told them the truth. Obviously I don't want to lose the keeper so I didn't phone Ipswich and ask if they were interested.
"I've got nothing to hide. Will I try to phone Mick? I don't think I have to do anything."