In a major crackdown, the Enforcement Directorate (ED) has attached movable and immovable properties worth more than ₹4,700 crore in the Vadodara-based Sterling Biotech group bank loan fraud case. The main accused in the case have fled the country. The action was taken as part of a money laundering probe into an FIR registered against Sterling Biotech Limited, its promoters Nitin and Chetan Sandesara, besides others, in October 2017. The attached assets include immovable properties of about 4,000 acres, plant machinery, around 200 bank accounts of various companies and accounts of promoters, shares worth ₹6.67 crore and various high-end luxury cars.
In a major crackdown, the Enforcement Directorate (ED) has attached movable and immovable properties worth more than ₹4,700 crore in the Vadodara-based Sterling Biotech group bank loan fraud case. The main accused in the case have fled the country. The action was taken as part of a money laundering probe into an FIR registered against Sterling Biotech Limited, its promoters Nitin and Chetan Sandesara, besides others, in October 2017. The attached assets include immovable properties of about 4,000 acres, plant machinery, around 200 bank accounts of various companies and accounts of promoters, shares worth ₹6.67 crore and various high-end luxury cars.
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