A former Andhra Bank Director has been sent to judicial custody by a court in New Delhi following his arrest and interrogation in connection with a money-laundering probe in an alleged 5,000 crore-rupee bank fraud case involving a Gujarat-based pharma firm. Additional Sessions Judge Sidharth Sharma sent Anup Prakash Garg to custody for two weeks when he was produced today before the court after his nine-day custodial interrogation by the Enforcement Directorate.<br/><br/>Special Public Prosecutor Nitesh Rana, appearing for the ED, told the court that the accused was not required further by the probe agency.Garg was held by ED on January 12, the second arrest in the case after the agency took into custody Delhi-based businessman Gagan Dhawan in November last year.<br/><br/>Garg was arrested under Prevention of Money Laundering Act and was named as an accused in the case by the ED as well as the Central Bureau of Investigation. The ED had lodged the money laundering case after taking cognizance of an earlier FIR registered by the CBI.<br/><br/>The CBI had booked Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and<br/>Vilas Joshi, chartered accountant Hemant Hathi, Garg and some unidentified persons in connection with the case.<br/><br/>It had alleged that the company took loans of over 5,000 crore rupees from a consortium led by Andhra Bank, which turned into non-performing assets.
News On AIR | January 23, 2018 6:35 PM
Former Andhra Bank Director sent to judicial custody in connection with money laundering