The Enforcement Directorate ( ED ) on Tuesday filed a chargesheet in Sterling Biotech Ltd (SBL) Group case before a special Prevention of Money Laundering Act (PMLA) court in Delhi. The chargesheete was filed against the main promoters of Sterling Group Nitin Sandesara, Chetan Sandesara, Dipti Sandesara, Rajbhushan Dixit, Hitesh Patel, their chartered accountant Hemant Hathi and middleman Gagan Dhawan.
“ED files prosecution complaint in Rs 8100 crore bank loan fraud case of Sterling Biotech Group. 191 accused in the case include 184 companies (including 179 shell companies) & 7 individuals namely Nitin, Chetan & Dipti Sandesara, CA Hemant Hathi, middlemen Gagan Dhawan & others,” Official twitter account of the ED tweeted last day.
The investigative agency has filed a chargesheet against 191 accused including seven individuals and 184 companies including flagship companies of the group — Sterling Biotech, PMT Machines, Sterling SEZ and Infra, Sterling Port, Sterling Oil Resources and 179 shell companies.
In August 2017, ED lodged a money laundering case against SBL Group.
Investigation by the ED has revealed that Sterling Biotech promoters, the Gujarat-based Sandesara family and others hatched a criminal conspiracy for cheating banks. They manipulated figures in the balance sheets of their flagship companies and induced banks to sanction higher loans, Eonomic Times reported.
After obtaining loans, they diverted the funds to non-mandated purposes through a web of shell companies. Thus, the loan funds were diverted, layered and laundered by the promoters for their personal purposes. The total amount of loan fraud as on date is Rs 8,100 crore. The loan fraud pertains to domestic as well as offshore branches of Indian banks, the agency said.
ED files prosecution complaint in Rs 8100 crore bank loan fraud case of Sterling Biotech Group. 191 accused in the case include 184 companies (including 179 shell companies) & 7 individuals namely Nitin, Chetan & Dipti Sandesara, CA Hemant Hathi, middlemen Gagan Dhawan & others.
— ED (@dir_ed) October 23, 2018
