ED staples assets worth over Rs 9000 cr in Sterling Biotech PMLA case

News Bharati    26-Jun-2019
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Gandhinagar, June 26: The Enforcement Directorate (ED) has attached assets worth over 9,000 crore rupees in connection with its money laundering probe against Gujarat-based pharmaceutical firm Sterling Biotech, which is allegedly involved in a multi-crore bank fraud case. ED officials said a provisional order of attachment was issued under the Prevention of Money Laundering Act (PMLA).


 

It is alleged that the company took loans of over 5,000 crore rupees from a consortium led by Andhra Bank, which had turned into non-performing assets. The total volume of the alleged loan defraud is pegged at 8,100 crore rupees.

ED registered a criminal case in the alleged bank fraud scam based on a Central Bureau of Investigation FIR and charge sheet. The promoters of the firm, alleged to be the main conspirators of the bank fraud, are the Sandesara brothers of Vadodara and they are absconding.

The ED had in May last year, attached properties worth Rs 4,700 crore of Sandesara brothers and their companies. The attached assets include immovable properties of around 4,000 acres in total, plant machinery, around 200 bank accounts of various companies and accounts of promoters, shares worth Rs 6.67 crore and various high-end luxury cars.

The Sandesaras had set up more than 300 shell and benami companies in India and abroad, which were used to divert and wrongly utilizing loan funds.