ED chargesheet against Sterling Biotech director in bank loan fraud case1 min read . Updated: 18 Jul 2018, 11:25 PM IST
ED has accused Sterling Biotech of taking loans of over 5,000 crore from a consortium of banks led by Andhra Bank, which have turned into non-performing assets
New Delhi: The Enforcement Directorate (ED), on Wednesday, filed a prosecution complaint under the Prevention of Money Laundering Act (PMLA) against Rajbhushan Omprakash Dixit, the director of Sterling Biotech Ltd, in an ongoing bank loan fraud case.
The agency has already frozen assets worth ₹ 4,700 crore of Sterling Biotech Group, a Gujarat-based pharmaceutical firm, in connection with a ₹ 5,000 crore bank fraud and money laundering case, it said on Wednesday.
The ED had registered the case in October 2017 and the attachment amount is the second highest so far this year following the Punjab National Bank (PNB) fraud case. The agency said it issued a provisional order under PMLA and attached immovable properties of around 4,000 acres, plant and machinery, around 200 bank accounts of various linked companies and promoters, shares worth ₹ 6.67 crore and a number of luxury cars of the Vadodara-based group.
It said “cross-border transactions" allegedly undertaken by the Sterling group were under probe.
The agency said it also attached Sandesara House in Juhu, Mumbai, a farm house in Ambad in Jalna district of Maharashtra, a company office in Atladara in Vadodara, and a factory in Ooty, Tamil Nadu.
PTI contributed to the story.