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The Enforcement Branch (ED) on Tuesday laid an additional charge against seven people in a Delhi court in the money laundering case. an amount exceeding 8,000 crores involving Sterling Biotech Tech, based in Gujarat.
The charges involved 191 accused, including seven individuals and 184 companies.
The final report, filed before the judge of the additional sessions, Satish Kumar Arora, indicated that the accused had charged a criminal conspiracy for "dishonest scam of banks".
The court, meanwhile, granted bail to an accused in the case – Ranjit Malik aka Johny – who was arrested by the agency for allegedly sending a man named Rakesh Chandra 25 rupees at the residence of a leading congressman in the nation's capital. [19659002] The court, which had previously issued unexpired warrants for the directors of pharmaceutical companies, including Nitin Jayantilal Sandesara, Chetan Jayantilal Sandesara and his wife Dipti Chetan Sandesara, to The Indictment List, filed by Special Prosecutors of ED, Nitesh Rana and DP Singh, under various provisions of the Prevention of Money Laundering Act, accused the company of taking out loans from a consortium led by Andhra. Bank that has been transformed into nonperforming badets (NPA) or bad debts.
An "indefinite NBW" has no turnaround time, unlike non-bad warrants (NBW).
filed through the intermediary of the AR Aditya lawyer, appointed 191 accused, which included seven people and 184 companies.
The accused included the leading promoters of Sterling Group – Sandesaras, Rajbhushan Dixit, Patel Hitesn, Hemant Hathi's Chartered Accountant and Intermediate Gagan Dhawan. [19659002] Companies include Sterling Biotech Ltd., PMT Machinery Ltd., Sterling SEZ and Infra Ltd., Sterling Port Ltd., Sterling Oil Resources Ltd. and 179 Screen Companies.
The prosecution indicated that the accused had manipulated the numbers.
"After securing loans, loan funds were diverted to non-mandated purposes through a network of screen companies.
" Thus, loan funds were diverted, superimposed and laundered by the promoters for personal purposes. The total amount of fraud on the date of the loan is 8,100 crore. Loan fraud is about domestic and foreign branches of Indian banks, "the statement said.
To defraud the banks, the promoters developed a multi-level strategy of not only deceiving banks, but also defrauding the revenue service.
"Their strategy is to form fictitious companies, to carry out circular transactions to inflate artificially the turnover of the leading companies, to demand a higher depreciation of non-existent machines, artificially trading shares with the use of fictitious companies, overlaying and laundering machines. proceeds of crime in India and abroad through fictitious companies ", indicates the final report.
The promoters used the names of their employees and constituted 249 fictional companies.The original PAN cards, the original stamps, the original stamps, the original memorandum of badociations and original signed but blank pamphlets were seized by the executive director of the promoter's possession
"All these shell companies were controlled, managed and owned by the promoters and were actually used in the money-laundering process, "he added.
He added that the proceeds of crime had been knowingly exchanged, stratified and ultimately integrated into the financial system and projected as being uncontaminated
"The proceeds of crime thus projected were found invested in the form of real estate purchased s the names of key people such as Dipti Sandesra, etc., "the statement said. He added that the loan funds had been diverted to shell companies for non-compulsory purposes and had been withdrawn in cash. He claimed that 140 crore rupees in cash had been removed from the shell companies and had been used for personal purposes by the promoters, which also included bribing officials. The investigation in this regard is ongoing.
Besides Malik, the DE has already arrested Dhawan and a former director of Andhra Bank, Anup Prakash Garg. Both are released on bail.
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