Sterling Biotech bank fraud case : ED attaches Rs 20 crore assets
New Delhi: More than ₹ 20 crore worth of assets have been attached under the anti-money laundering law in the alleged bank fraud case against Gujarat-based pharmaceutical group Sterling Biotech, the Enforcement Directorate (ED) said on Tuesday.
A provisional order has been issued by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA) to attach five immovable properties and an equal number of bank accounts of a company named Shimnit Utsch India Private Limited and its directors.
The total value of these assets is stated to be ₹ 20.77 crore.
Vadodara-based Sterling Biotech group is owned by brothers Nitin Sandesara and Chetan Sandesara.
The brothers, Dipti Sandesara (wife of Chetan Sandesara) and Hitesh Patel (a family member of the Sandesaras) have been declared fugitives under the Fugitive Economic Offenders Act by a special PMLA court in Mumbai.
They are stated to be based abroad and India is trying to extradite them.
Read also: Five firms including Cadila, Aurobindo Pharma in race to buy bankrupt Sterling Biotech
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