Sterling Biotech Director Defaults On A Loan Of Rs 5,300 Cr, Enforcement Directorate Files Chargesheet

The Logical Indian Crew Gujarat

July 20th, 2018 / 12:39 PM

Sterling Biotech

Image Credits: The Hindu Business Line, Spine Of India

On July 18, the Enforcement Directorate filed a charge sheet against Rajbhushan Omprakash Dixit, the director of Gujarat-based pharmaceutical company Sterling Biotech under the Prevention of Money Laundering Act (PMLA). The company has allegedly defaulted on loans worth Rs 5,300 crore.

The agency filed the chargesheet against Dixit in the court of Additional Sessions Judge Satish Arora in New Delhi.



The Central Bureau of Investigation had filed a case against the company in October 2017. The company had alleged taken loans from a consortium of banks led by the Andhra Bank. The loans taken have now turned into non-performing assets. The attachment amount is said to be the second highest, next to only Punjab National Bank (PNB) fraud case. At that time, CBI had booked directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, and chartered accountant Hemant Hathi, former director of Andhra Bank Anup Garg and other unidentified people in connection with the case. Dixit was sent to judicial custody in February. The agency has already frozen assets worth Rs 4,700 crore of Sterling Biotech Group.

It has also said that the “cross-border transactions” allegedly undertaken by the Sterling group are under probe.


Special Director of CBI involvement

Notably, the special director of CBI, Rakesh Asthana was also one of the accused in this case. It was alleged that he was a recipient of payment worth Rs 3.8 crore. The diary recovered in connection with this case had mentioned Asthana’s name. Although Asthana’s name was named in the FIR but was the subject of ongoing investigation.

Lawyer and activist Prashant Bhushan, on behalf of the NGO Common Cause had then challenged Asthana’s appointment(which can be watched here)

 

Also Read: Officer Accused Of Money Laundering Appointed As The New CBI Special Director


Contributors

Written by : Shraddha Goled

Edited by : Abhinav Joshi

Share your thoughts..

Related Stories

Vijay Mallya To Be Labelled ‘Fugitive’, ED Prepares A New Chargesheet

Welcome Step! No Jummah Prayer Break For Teachers On Friday During School Hours: Directorate Of Education, Delhi

Kathua: Chargesheet Reveals Horrific Details Of 8-Yr-Old’s Rape. What Will It take For Us To Ensure Justice?

Kathua: Medical Report Confirms 8-Yr-Old Was Raped & Uterus Mutilated, Chargesheet Filed Amid Lawyers’ Protest

After Rotomac & Nirav Modi, Kanpur-Based Shri Lakshmi Cotsyn Ltd. Defaults On Rs 3,600 Crore Loan From 16 Banks

Shambu Used “Love Jihad” To Hide His Own Illicit Affair, Says Chargesheet

Latest on The Logical Indian

Get Inspired

Bengaluru: A Vigilant Traffic Warden Reunites Missing 2-Year-Old With Her Parents

News

Sabarimala Shrine Opens Amid Violence; Kerala CM Says Rituals Must Change With Time

News

Pune: Woman Allegedly Boycotted At Dandiya Event Because She Refused “Virginity Test” After Marriage

News

Delhi Police On Lookout For Ex-BSP MP’s Son Who Waved A Gun Outside Posh Hotel

News

Bengaluru: Two Men Siphon Off Lakhs From Businessmen By Hacking Their SMSs & Stealing Card Details

News

Central University Teachers May Now Be Dismissed For Speaking Against The Government, Says UGC Order

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.