New Delhi: A team of the Central Bureau of Investigation (CBI) is scanning all bank branches and offices documents which sanctioned loans to Sterling Group.
CBI's banking and securities fraud cell sleuths from Delhi are mining papers and enquiring bank officials since last 8 days
The probe agency's purpose of scanning the documents is to understand on what basis the loans were sanctioned and if due process was followed.
Banks which sanctioned significant loans to Sterling Group include -Andhra Bank, UCO Bank, Union Bank, SBI, Indian Overseas Bank, Allahabad Bank, Bank of Baroda and Bank of India.
The Sterling Group owned by the Sandesara family owes a total of Rs 15,600 crore to financial and operational creditors. While Sterling Biotech owes Rs 7,500 crore, Sterling SEZ owes Rs 8,100 crore.
Earlier ED had moved the special PMLA court in Delhi and filed complaint under Fugitive Economic Offenders act against four persons namely Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel. All the four accused are promoters of Sterling Group and has fled country to avoid criminal investigation.
The ED has accused Sandesara brothers and others of hatching a criminal conspiracy and dishonestly cheating banks to obtaining higher loans. Following this, they diverted the loans funds to non-mandated purposes through a web of shell companies.