-
ED attaches assets of Gujarat firm in Rs. 5,000cr bank-fraud
Last updated on Jun 01, 2018, 01:29 pm
-
The Enforcement Directorate has attached Rs. 4,701cr worth of assets of Gujarat-based pharmaceutical company Sterling Biotech Group in connection with a Rs. 5,000cr bank fraud money laundering case, the ED said today.
ED issued a provisional freeze order under the Prevention of Money Laundering Act and attached properties of around 4,000 acres, 200 bank accounts, Rs. 6.67cr shares and a number of luxury cars.
-
Details
One of the ED's biggest attachment of assets this year
-
This is one of the ED's biggest attachment of assets under the PMLA this year.
The ED had registered a criminal case of money laundering against the firm and its promoters Nitin and Chetan Sandesara in October 2017, based on a CBI FIR made on charges of alleged corruption, an official said.
It had conducted about 50 searches at various locations in India.
-
Charges
Availed credit facilities through forged documents: ED
-
The probe agencies had alleged that the firm and its absconding promoters, on the basis of fabricated documents, had obtained credit facilities of more than Rs. 5,000 crore from various banks, which subsequently turned into NPAs.
"The loans were sanctioned by a consortium of banks like the Andhra Bank, UCO Bank, State Bank of India, Allahabad Bank and Bank of India," an official said.
-
Arrests and complaints
Three people arrested so far
-
"Till date, the banks have declared as fraud, various outstanding loan accounts in respect of various companies of Sterling Group" the ED said.
The agency has arrested three people so far, Delhi-based businessman Gagan Dhawan, former Andhra Bank director Anup Garg and Sterling Biotech Ltd director Rajbhhushan Dixit.
Multiple prosecution complaints or charge sheets have also been filed before a special PMLA court here.
