Patiala House Court Summons Director of Sterling Biotech Ltd In Case Related To Fraud Of Rs 5,000 Crore

New Delhi, July 28: Delhi's Patiala House Court has summoned Rajbhushan Omprakash Dixit, director of Gujarat based Pharmaceutical firm Sterling Biotech Ltd, to appear before it on August 8. The court has summoned Dixit after a supplementary charge-sheet filed by Enforcement Directorate (ED) in connection with bank loan fraud case of over Rs 5000 crore on July 18.

The agency filed the chargesheet against the director of Sterling Biotech Ltd. in the court of Additional Sessions Judge Satish Arora in New Delhi. The court had sent Dixit to judicial custody in February. In October 2017, the Central Bureau of Investigation (CBI) had filed a case against the company. The CBI alleged that the company had secured the loans from a consortium of banks led by the Andhra Bank. According to the investigating agency, the loans have now turned into non-performing assets.

Sterling Biotech’s directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, and chartered accountant Hemant Hathi were booked in connection with the case. Former director of Andhra Bank Anup Garg and other unidentified people were also taken into custody.

A money laundering case was also registered by the ED in October last year against the company and its promoters Nitin Sandesara and Chetan Sandesara. The case was registered after the ED suspected that the accused had illegally transferred the loan to some other accounts. Already liquor baron Vijaya Mallya and diamond merchant Nirav Modi have fled the country after defaulting bank loans worth Rs 9,000 and Rs 13,400 (approx.).

(The above story first appeared on LatestLY on Jul 28, 2018 03:21 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).