Sterling Biotech bank fraud case: ED attaches Sandesara brothers' assets worth over Rs 9,000 cr in India, abroad

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.

Press Trust of India June 26, 2019 14:49:55 IST
Sterling Biotech bank fraud case: ED attaches Sandesara brothers' assets worth over Rs 9,000 cr in India, abroad
  • A provisional order of attachment was issued by the central probe agency under the PMLA

  • The value of the attached properties, including those overseas, is stated to be at Rs 9,778 crore

  • It is alleged that the company took loans of over Rs 5,000 crore from a consortium led by Andhra Bank

New Delhi: The Enforcement Directorate (ED) has attached assets worth over Rs 9,000 crore 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, officials said on Wednesday.

Sterling Biotech bank fraud case ED attaches Sandesara brothers assets worth over Rs 9000 cr in India abroad

File image of Nitin Sandesara, promoter of Sterling Biotech. News18

The officials said a provisional order of attachment was issued by the central probe agency under the Prevention of Money Laundering Act (PMLA).

The value of the attached properties, including those overseas, is stated to be at Rs 9,778 crore.

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

The ED registered a criminal case in the alleged bank fraud scam based on a Central Bureau of Investigation (CBI) 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.

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