[IAC#RG] Andhra Bank ex-director charged in Rs 5,000 crore fraud

http://www.financialexpress.com/market/andhra-bank-shares-drop-14-to-nearly-14-year-low-as-ed-charges-ex-director-in-rs-5000-crore-fraud/1095022/

Shares of the Hyderabad-based state-run bank Andhra Bank dropped 14% to nearly 14-year low as the investigative agency Enforcement Directorate filed a charge sheet against the former Andhra Bank director in an alleged Rs 5,000 crore fraud.

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).