Sterling Biotech case:ED arrests Andhra Bank's former director over involvement in money laundering

The Enforcement Directorate (ED) on Friday arrested former director of Andhra Bank, Anup Prakash Garg over his involvement in money laundering. 

Former Andhra Bank director Anup Garg is suspected to have received more than ₹1.5 crore from the Sterling Biotech group. The ED is probing to ascertain whether he diverted funds through some Kolkata-based shell companies.

An FIR has been registered by the Central Bureau of Investigation (CBI) against Sterling Biotech in October, 2017, in which Anup Garg had also been named as one of the accused.

The ED during their money laundering investigations had zeroed in on certain entries in a diary seized by the Income Tax Dept. in 2011 which showed various cash payments amounting to Rs 1.52 crores made to "Anup Garg, Director, Andhra Bank" between 2008 and 2009 by the Sandesara brothers. 

During the investigations it was founded that various cash payments were made to Anup Prakash Garg by the instructions of the Sandesara brothers. 

It was also founded by the ED that Anup Prakash Garg had infused several crores of his unaccounted cash in various companies through many Kolkata based bogus shell companies with the help of cash, cheque entry operators in Kolkata to launder the proceeds of crime obtained by him from the Sandesaras.