The Enforcement Directorate (ED) has seized each and every piece of 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 escaped from the country.
The action was performed as a part of money laundering probe into an FIR registered against Sterling Biotech Limited, its promoters Nitin and Chetan Sandesara, besides others, in October 2017.
The seized 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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Several companies promoted by the Sandesara brothers by the fabricated documents fraudulently obtained credit facilities of about ?5,383 crore from various banks, which subsequently turned non-performing assets (NPA). The loans were sanctioned by a consortium of banks led by Andhra Bank and comprising UCO Bank, State Bank of India, Allahabad Bank and the Bank of India.
Till date, the banks have declared as a fraud the various outstanding loan accounts in respect of the Sterling Group, including Sterling Biotech, Sterling Port Limited, PMT Machines Limited, Sterling SEZ and Infrastructure Ltd and Sterling Oil Resources Limited.
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