Sterling Biotech News
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According to reports, the ED investigators will grill the 70-yr-old senior Congress treasurer on July 9 in Sandesara brothers bank fraud and money laundering case probe.
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The ED on Tuesday recorded the statement of Irfan Siddiqui, son-in-law of senior Congress leader Ahmed Patel, in connection with the multi-crore-rupee bank fraud and money-laundering probe against Gujarat-based pharmaceutical firm Sterling Biotech, officials said. Watch this video to know more.
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The Sterling Group owned by the Sandesara family owes a total of Rs 15,600 crore to financial and operational creditors. While Sterling Biotech owes Rs 7,500 crore, Sterling SEZ owes Rs 8,100 crore.
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ZeeNews wrap of top stories this hour, 29th June 2019
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The case pertains to cheating and bank fraud caused by Sterling Biotech Ltd (SBL)/Sandesara Group and its main promoters Nitin Sandesara, Chetan Sandesara, and Deepti Sandesara along with others.
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The Sterling Group owned by the Sandesara family owes a total of Rs 15,600 crore to financial and operational creditors. While Sterling Biotech owes Rs 7,500 crore, Sterling SEZ owes Rs 8,100 crore.
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Absconding businessman Nitin Sandesara is the promoter of Gujarat-based Sterling Biotech.
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It is alleged that Sandesara took loans of over Rs 5,000 crore from a consortium led by Andhra Bank.
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