The investigative agency Enforcement Directorate filed a charge sheet against the former Andhra Bank director in an alleged Rs 5,000 crore fraud. The alleged Rs 5,000 crore bank fraud involves a Gujarat-based pharmaceutical firm Sterling Biotech Pvt Ltd, PTI said in a report. Following the blow, a knee-jerk reaction was witnessed in the shares of Andhra Bank on Monday.
Rs 428 crore was wiped off from the market capitalisation of Andhra Bank. At the day’s low of Rs 33.6 (BSE), Andhra Bank held a market capitalisation of Rs 2,937 crore as against Rs 3,365 as on Friday, 9 March 2018.
Meanwhile, shares of the pharma firm Sterling Biotech allegedly involved in the fraud shed as much as 3.51%. The CBI had booked the Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, chartered accountant Hemant Hathi, Garg and some unidentified persons in connection with the case.
Anup Prakash Garg, ex-Director, Andhra Bank, was paid about Rs 1.52 crore by Chetan Jayantilal Sandesaraand Nitin Jayantilal Sandesara, directors, Sterling Biotech, between 2008 and 2009, PTI reported. Sterling Biotech took loans more than Rs 5,000 crore from a consortium led by Andhra Bank, which turned into NPAs (non-performing assets).
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