ED attaches movable, immovable properties of Sandesara Group in connection with Rs 5000 crore fraud

01 Jun 2018 11:30 AM

ED attaches movable, immovable properties of Sandesara Group in connection with Rs 5000 crore fraud

Updated 01 Jun 2018 11:30 AM

ED has attached movable and immovable properties of Rs4701 crore of Sandesara Group in connection with Rs 5000 crore fraud . The CBI had booked Garg, the firm Sterling Biotech, its directors Dipti, Chetan, Nitin, Dixit and Vilas Joshi, chartered accountant Hemant Hathi and some unidentified persons in connection with the case. It had alleged that the company took loans of over Rs 5,000 crore from a consortium led by Andhra Bank, which turned into non-performing assets.
The FIR had also alleged that the total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016. It had alleged that "various cash payments were made to Garg, as reflected in the said entries, on the instructions of the Sandesara brothers, by withdrawing cash from the bank accounts of several benami companies owned by them".
It had alleged that Garg infused several crores of his unaccounted money in various companies through several Kolkata-based bogus shell companies in order to launder the proceeds of crime obtained by him from the Sandesaras.


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