The Enforcement Directorate on Thursday conducted multiple raids in New Delhi in connection with a Rs 5,000 crore money laundering probe against the directors and associates of Gujarat-based pharma firm Sterling Biotech. Earlier this month, ED had arrested Gagan Dhawan, a Delhi businessman known to be a close aide of a former Congress MLA, in connection with the case.
The raiding teams seized documents and computer hard drives and CDs from the associates of the owners of the firm on Thursday, PTI reported. Seven residential and business premises were searched during the raids, the report further said.
The case, registered against the firm and the Sandesara family under sections of the Prevention of the Money Laundering Act (PMLA), is based on a CBI FIR against the same entities.
The CBI had booked Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi as well as chartered accountant Hemant Hathi, former Andhra Bank director Anup Garg and other unidentified persons in connection with the alleged bank fraud case.
The CBI also alleged that the company took loans of over Rs 5,000 crore from a consortium led by Andhra Bank which has turned into non-performing assets. According to the FIR, the total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016. The ED took cognisance of this FIR to file a money laundering case against them.
According to ED, Sandesara owners Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara are suspected to be controlling more than 151 entities including seven subsidiaries outside India, of which three are in Mauritius, one in Nigeria and three in British Virginia Islands.