ED attaches assets worth over Rs 9k cr in Sterling Biotech PMLA case

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The 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.

The Enforcement Directorate (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. (AIR NEWS)

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