The ED had registered the case in October last year and the attachment amount is the second highest so far this year after the Nirav Modi-Mehul Choksi bank fraud case. Photo: AFPNew Delhi:Assets worth over Rs4,700 crore of Sterling Biotech Group, a Gujarat-based pharmaceutical firm, were attached on Friday by the Enforcement Directorate in connection with a Rs5,000-crore bank fraud and money laundering case, the agency said. The ED had registered the case in October last year and the attachment amount is the second highest so far this year after the Nirav Modi-Mehul Choksi bank fraud case. “The loans were sanctioned by a consortium of banks like the Andhra Bank, the UCO Bank, the State Bank of India, the Allahabad Bank and the Bank of India. At least 300 shell or benami companies, which were allegedly used to “divert and misutilise loan funds”, are under the scanner, it said.

Source: Mint June 01, 2018 11:03 UTC