The Enforcement Directorate (ED) on Saturday filed a supplementary complaint against a man in a money laundering case, connected with an alleged ₹5,000-crore bank fraud case involving Gujarat-based Sandesara group company Sterling Biotech Limited (SBL).
Taking the charge sheet on record, Additional Sessions Judge Satish Kumar Arora posted it on October 3 for consideration. He issued a production warrant against accused Ranjit Malik, who is in judicial custody, for the same date.
Delhi-based businessman Gagan Dhawan, who is also an accused in the case, is on bail. The ED has attached movable and immovable properties worth over ₹4,700 crore in the matter. The main accused have fled the country. The attached assets include immovable properties of about 4,000 acres, plant machinery, around 200 bank accounts of various companies, accounts of promoters, shares worth ₹6.67 crore and high-end luxury cars.
It is alleged that several companies promoted by the Nitin and Chetan Sandesara had on the basis of false and fabricated documents fraudulently obtained credit facilities of about ₹5,383 crore from various banks, which subsequently turned non-performing assets. The loans were sanctioned by a consortium of banks led by Andhra Bank and comprising UCO Bank, State Bank of India, Allahabad Bank and the Bank of India. The Sandesaras had allegedly floated several shell and benami companies to divert loan funds.