India: ED files chargesheet against Sterling Biotech for money laundering

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October 24 2018

Enforcement Directorate (ED) on Tuesday filed a chargesheet in Sterling Biotech Ltd (SBL) Group case before a special Prevention of Money Laundering Act (PMLA) court in Delhi. ED had registered a case of money laundering against SBL Group in August 2017.

Investigation by the ED has revealed that Sterling Biotech promoters — the Gujarat-based Sandesara family — and others hatched a criminal conspiracy for cheating banks. They manipulated figures in the balance sheets of their flagship companies and induced banks to sanction higher loans.