Court Takes Note Of Money Laundering Charge Against Gujarat-Based Firm

The agency had in February arrested a former director of Andhra Bank, Anup Prakash Garg, and Delhi-based businessman Gagan Dhawan last November in connection with the case. They were named as accused in the cases by the ED and the CBI.

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Court Takes Note Of Money Laundering Charge Against Gujarat-Based Firm

The ED registered a money laundering case after taking cognisance of an earlier CBI FIR.


New Delhi: 

A Delhi court has taken cognisance of a charge sheet filed by the Enforcement Directorate or ED against Gujarat-based pharma firm Sterling Biotech Limited's director Rajbhushan Omprakash Dixit in a bank loan fraud case of over Rs 5,000 crore.

Additional Sessions Judge Satish Arora took cognisance of the final report filed by the Enforcement Directorate's special public prosector Nitesh Rana and summoned the accused for August 8, the next date of hearing.

The court noted that Mr Dixit was already out on bail in the money laundering case and directed him to appear on next date of hearing.

In the charge sheet, the ED has accused the company of taking loans of over Rs 5,000 crore from a consortium led by Andhra Bank which had turned into non-performing assets.

The charge sheet, filed through advocate A R Aditya, claimed that the accused committed offence punishable under sections 3 and 4 of Prevention of Money Laundering Act (PMLA).

The agency had in February arrested a former director of Andhra Bank, Anup Prakash Garg, and Delhi-based businessman Gagan Dhawan last November in connection with the case. They were named as accused in the cases by the ED and the CBI.

The ED registered a money laundering case in this instance after taking cognisance of an earlier CBI FIR.

The Central Bureau of Investigation had booked Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, chartered accountant Hemant Hathi, Garg and some unidentified persons in connection with the alleged bank fraud case.

The FIR claimed that the total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016.

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