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Sterling Biotech’s assets worth Rs 4,700cr attached by ED

By Team Pardaphash 
Updated Date

New Delhi: The Enforcement Directorate today mentioned that it has attached properties worth Rs 4,700 crore in a Rs 5,000-crore bank fraud case involving Gujarat-based pharmaceutical company Sterling Biotech.

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An ED official told media, the agency has attached properties of the Sterling Biotech in Mumbai and Ahmedabad under the sections of Prevention of Money laundering Act, (PMLA), 2002. A The ED action comes after the Central Bureau of Investigation’s (CBI) FIR.

The CBI has booked Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, Chartered Accountant Hemant Hathi, Anup Prakash Garg and some unidentified persons in connection with the alleged bank fraud.

Sterling Biotech had taken loans of over Rs 5,000 crore from a consortium of banks led by Andhra Bank which had turned into non-performing assets. Total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016, said the CBI FIR.

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