The Enforcement Directorate on Tuesday filed another chargesheet against 191 entities, including seven individuals, in the Vadodara-based Sterling Biotech Limited money laundering case, alleging that they had cheated banks of ₹8,100 crore. The main accused persons are suspected to have fled abroad.

The agency had earlier submitted four charge-sheets and attached assets worth ₹4,710 crore in the case. The investigation involved scrutiny of more than 15 lakh papers and digital records. The Directorate said it would soon initiate action against the absconding persons under the Fugitive Economic Offenders Act. Interpol Red Notice are also to be issued.

The total outstanding amount, including the interest, with respect to the Sterling group is now ₹13,754 crore.

Based on an FIR registered by the Central Bureau of Investigation against the group promoters and others, the Directorate had initiated its probe in August 2017.

Among those named in the latest charge sheet are 179 shell companies, through which the funds were allegedly laundered, Sterling group promoters Nitin, Chetan and Dipti Sandesara, Rajbhushan Dixit, Hitesh Patel, Chartered Accountant Hemant Hathi and alleged middleman Gagan Dhawan.

“Investigations have revealed that the Sandesaras, who are absconding, and others hatched a conspiracy to cheat the banks. They manipulated figures in the balance sheets of their flagship companies and induced the banks into sanctioning higher loans. The funds so raised were diverted for non-mandated purposes through a web of shell companies,” said the agency.

The loan fraud pertains to domestic as well as offshore branches of Indian banks. The promoters allegedly devised a multi-layered strategy to cheat the banks, the Revenue Department and the shareholders.

“It included incorporation of shell firms, carrying out circular transactions to inflate turnover of flagship companies, claiming higher depreciation on non-existing machinery, artificial share trading, and money laundering within India and abroad through the shell companies,” the agency said.

The promoters had used their employees’ names to incorporate 249 shell companies. The original PAN cards, stamps, seals, Memorandum of Association and signed blank cheque books of the shell companies have been seized by the ED.

The accused set up more than 100 entities in various countries, including the United Arab Emirates, the United States, United Kingdom, British Virgin Islands, Mauritius, Barbados and Nigeria. “The funds were rotated through various structures and ultimately carried to Nigeria to finance their oil business,” said the Directorate.

The ED said it has so far arrested four accused: Gagan Dhawan, former Andhra Bank Director Anup Garg, Sterling Biotech director R.B. Dixit and Ranjeet Malik.