Court extends remand of Sterling Biotech director for two more days

Delhi's Patiala House Court on Wednesday extended the remand of one of the directors of the Gujarat based pharmaceutical company Sterling Biotech for two more days in connection with Rs 5000 crore bank fraud case.

Rajbhushan Omprakash Dixit, one of the directors of Sterling Biotech was presented before after the expiry of his ED custody.

The CBI has registered a fresh case against Sterling Biotech Limited for defaulting loans worth over Rs 5,383 crore.

The agency has booked Gujarat-based 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 Andhra Bank Anup Garg and other unidentified persons.

The FIR has alleged that the total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016.

Earlier this month, the Enforcement Directorate arrested former Andhra Bank Director Anup Garg in the loan fraud case. He is suspected to have received over ₹1.5 crore from Sterling Biotech. He allegedly diverted undisclosed funds through some Kolkata-based shell companies.

OneIndia News (wih PTI inputs)