The loans were sanctioned by a consortium of banks like the Andhra Bank, UCO Bank, State Bank of India, Allahabad Bank and Bank of India. Photo: MintNew Delhi: The Enforcement Directorate (ED) has attached Rs4,701 crore worth of assets of Gujarat-based pharmaceutical company Sterling Biotech Group in connection with a Rs5,000 crore bank fraud, money laundering case, the agency said on Friday. “The loans were sanctioned by a consortium of banks like the Andhra Bank, UCO Bank, State Bank of India, Allahabad Bank and Bank of India. Till date, the banks have declared as fraud, various outstanding loan accounts to the tune of about Rs5,000 crore in respect of various companies of Sterling Group including Sterling Biotech Ltd, Sterling Port Ltd, PMT Machines Ltd., Sterling SEZ and Infrastructure Ltd and Sterling Oil Resources Ltd,” the ED said. The agency has arrested three people so far in this case—Delhi-based businessman Gagan Dhawan, former Andhra Bank director Anup Garg and Sterling Biotech Ltd director Rajbhhushan Dixit.

Source: Mint June 01, 2018 09:45 UTC