ED attaches assets worth Rs 9,000 cr in Sterling Biotech PMLA case : The Tribune India

Join Whatsapp Channel

ED attaches assets worth Rs 9,000 cr in Sterling Biotech PMLA case

NEW DELHI: The ED has attached assets worth over Rs 9,000 crore in connection with its money laundering probe against Gujarat-based Sterling Biotech.

ED attaches assets worth Rs 9,000 cr in Sterling Biotech PMLA case

The officials said a provisional order of attachment was issued by the central probe agency under the Prevention of Money Laundering Act (PMLA).



New Delhi, June 26

The ED has attached assets worth over Rs 9,000 crore 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, officials said on Wednesday.

The officials said a provisional order of attachment was issued by the central probe agency under the Prevention of Money Laundering Act (PMLA).

The value of the attached properties, including those overseas, is stated to be at Rs 9,778 crore.

It is alleged that the company took loans of over Rs 5,000 crore 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 Rs 8,100 crore.

The Enforcement Directorate (ED) registered a criminal case in the alleged bank fraud scam based on a Central Bureau of Investigation FIR and chargesheet.

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. PTI

Top News

Arvind Kejriwal to be produced before Delhi court today as 6-day ED custody ends

Excise policy case: Delhi court extends ED custody of Chief Minister Arvind Kejriwal till April 1

In his submissions, Kejriwal said, ‘I am named by 4 witnesse...

Delhi High Court dismisses PIL to remove Arvind Kejriwal from CM post after arrest

Delhi High Court dismisses PIL to remove Arvind Kejriwal from CM post after arrest

The bench refuses to comment on merits of the issue, saying ...

US makes another remark on Kejriwal's arrest, reacts to freezing of Congress bank accounts

US makes another remark on Arvind Kejriwal's arrest, reacts to freezing of Congress bank accounts

We encourage fair, transparent and timely legal processes, s...

Explainer: Why BJP is flying solo in Punjab and Odisha

Explainer: Why BJP is flying solo in Punjab and Odisha

A multi-cornered contest is always advantageous for BJP; it ...


Cities

View All