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Bank fraud: Court issues NBW against Gujarat firm's directors

Press Trust of India  |  New Delhi 

A today issued open ended non-bailable warrants against two directors of a pharma firm in a Rs 5,000 crore money laundering probe case.

Additional Sessions Judge Sidharth Sharma issued warrants against directors Nitin and Chetan Sandesara in a case in which Delhi-based businessman Gagan Dhawan was yesterday sent to two-day custody of by the Supreme


Advocate Nitesh Rana told the trial that Chetan was likely to have left the country while pressing for issuance of warrants.

The had recently booked Sterling Biotech, its Directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, Chartered Accountant Hemant Hathi, former Director Anup Garg and other unidentified persons in connection with the alleged case.

The has alleged that the company had taken loans of over Rs 5,000 crore from a consortium led by which have turned into non-performing assets.

The FIR has alleged that the total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016. The ED had taken a cognisance of this FIR to file a money laundering case against them.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 14 2017. 19:07 IST
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