Sterling Biotech’s directors receive NBWs in bank loan fraud case: Media report

The ED has also claimed that directors have bribed senior income tax department official in an earlier criminal complaint.

Jan 05, 2019 01:01 IST India Infoline News Service

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Sterling Biotech’s four directors have received open-ended non-bailable warrants (NBWs) from the Enforcement Directorate in Rs 8,100cr money-laundering probe, an Economic Times reported.

As per the report, Judge Satish Kumar Arora, Additional Sessions of a Delhi Court has granted approved to the Enforcement Directorate's plea seeking issuance of NBW against the company's directors Nitin Jayantilal Sandesara, Chetankumar Jayantilal Sandesara, Dipti Chetan Sandesara, and Hiteshkumar Narendrabhai Patel.

The ED has registered the alleged bank fraud case against the pharma company under sections of the Prevention of Money Laundering Act (PMLA). The ED has also claimed that directors have bribed senior income tax department official in an earlier criminal complaint, the report said.

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