ED arrests ex-Andhra Bank official in Rs 5,000-cr fraud case

Posted: 7:21 am, January 13, 2018 by admin

New Delhi, Jan 13 (IANS) The Enforcement Directorate (ED) has arrested a former Director of Andhra Bank in its ongoing money laundering probe in the alleged Rs 5,000 crore bank fraud case involving Gujarat-based pharmaceutical company Sterling Biotech, an official said on Saturday.

Anup Prakash Garg was arrested after day-long questioning on Friday under charges of Prevention of Money Laundering Act (PMLA), the official said.

Both the ED and the Central Bureau of Investigation (CBI) had named Garg in their criminal cases as an accused. The ED initiated a money laundering probe in the case taking cognisance of CBI FIR in the case.

The ED said it found during probe that “certain entries” in a diary seized by the Income Tax Department in 2011 showed various cash payments amounting to Rs 1.52 crore made to one “Garg, Director, Andhra Bank” between 2008-2009 by the Sandesara brothers.

“Various cash payments were made to Garg, as reflected in the said entries, on the instructions of Sandesara brothers, by withdrawing cash from the bank accounts of several benami companies of the Sandesara brothers,” it said.

ED arrests ex-Andhra Bank official in Rs 5,000-cr fraud case

Related posts:

Tags