Home >Companies >News >CBI files fresh case against Sterling Biotech for Rs5,000 crore loan default
The CBI has alleged that the total pending dues of Sterling Biotech group companies were Rs5,383 crore as on 31 December 2016. Photo: Ramesh Pathania/Mint
The CBI has alleged that the total pending dues of Sterling Biotech group companies were Rs5,383 crore as on 31 December 2016. Photo: Ramesh Pathania/Mint

CBI files fresh case against Sterling Biotech for Rs5,000 crore loan default

CBI alleges that Sterling Biotech had taken loans of over Rs5,000 crore from a consortium led by Andhra Bank which have turned into NPA

New Delhi: The Central Bureau of Investigation (CBI) has registered a fresh case against Sterling Biotech Ltd for defaulting loans worth over Rs5,383 crore.

The agency has booked Gujarat-based Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, chartered accountant Hemant Hathi, former director of Andhra Bank Anup Garg and other unidentified persons.

The CBI has alleged that the company had taken loans of over Rs5,000 crore from a consortium led by Andhra Bank which have turned into non-performing assets. The FIR has alleged that the total pending dues of the group companies were Rs5,383 crore as on 31 December 2016.

The directors of the company “connived with the in-house chartered accountant and falsified material records of the company", such as production, turnover and investments in capital assets, the FIR alleged. “This was allegedly done using various India-based entities and those situated abroad," it alleged. The company is already under investigation for allegedly bribing tax department officials.

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