Delhi court issues notices to Sterling Biotech owners in Rs 8,100-cr bank loan fraud case

Delhi court issues notices to Sterling Biotech owners in Rs 8,100-cr bank loan fraud case
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New Delhi: A Delhi court Friday issued notices to Sterling Biotech promoters following an Enforcement Directorate’s plea to declare them fugitive economic offenders in connection with a Rs 8,100-crore bank fraud case.

Additional Sessions Judge Satish Kumar Arora issued the notices to the owners of the Gujarat-based pharmaceutical firm.

On October 23, the ED filed a supplementary chargesheet against seven persons in the court in the money laundering case.

So far, the agency has chargesheeted 191 accused, including seven individuals and 184 companies.

The accused included main promoters of Sterling Group Nitin Sandesara, Chetan Sandesara, Dipti Sandesara, Hitesh Patel, Rajbhushan Dixit, Chartered Accountant Hemant Hathi, and middleman Gagan Dhawan.

The companies were: Sterling Biotech Ltd, PMT Machines Ltd, Sterling SEZ and Infra Ltd, Sterling Port Ltd, Sterling Oil Resources Ltd and 179 shell firms.