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

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New Delhi: The Enforcement Directorate (ED) has hooked up property price over Rs 9,000 crore in reference to its cash laundering probe towards Gujarat-based pharmaceutical agency Sterling Biotech, which is allegedly concerned in a multi-crore financial institution fraud case, officers mentioned on Wednesday.

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

File picture of Nitin Sandesara, promoter of Sterling Biotech. Information18

The officers mentioned a provisional order of attachment was issued by the central probe company below the Prevention of Cash Laundering Act (PMLA).

The worth of the hooked up properties, together with these abroad, is acknowledged to be at Rs 9,778 crore.

It’s alleged that the corporate took loans of over Rs 5,000 crore from a consortium led by Andhra Financial institution, which had became non-performing property (NPAs). The entire quantity of the alleged mortgage defraud is pegged at Rs 8,100 crore.

The ED registered a felony case within the alleged financial institution fraud rip-off based mostly on a Central Bureau of Investigation (CBI) FIR and cost sheet.

The promoters of the agency, alleged to be the primary conspirators of the financial institution fraud, are the Sandesara brothers of Vadodara and they’re absconding.

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