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).<br />''<br />''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 &nbsp;8,100 crore rupees.&nbsp;<br />''<br />''<span style="color: #222222;">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.&nbsp; 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.</span><br />
News On AIR | June 26, 2019 2:18 PM
ED attaches assets worth over Rs 9k cr in Sterling Biotech PMLA case