ED attaches Sandesara Group properties worth Rs 4,701 crores: Second largest attachment after Nirav Modi

As per details available, the loans were procured through Andhra Bank, UCO, SBI, Bank of India and Allahabad Bank. The funds were used to purchase luxury bungalows, flats, cars and benami properties at various cities. High-end cars like Bentley, Range Rover, over 200 cheque books were seized in the raids.

New Delhi: The Enforcement Directorate (ED) on Friday attached properties of Gujarat firm Sandesara Group for siphoning off Rs 5,000 crore through bank loans by forming nearly 300 shell companies. This is the second biggest attachment made by an investigative agency after the infamous Nirav Modi case that had landed the Modi government in the dock. The raids were carried out at residences and offices of the directors of the pharma firm in Mumbai this morning. ED has so far attached properties worth Rs 4701 crore. As per details available, the loans were procured through Andhra Bank, UCO, SBI, Bank of India and Allahabad Bank. The funds were used to purchase luxury bungalows, flats, cars and benami properties at various cities. High-end cars like Bentley, Range Rover, over 200 cheque books were seized in the raids. Reports say in the investigation,  names of certain bank officials and of a Congress leader have cropped up for facilitating the smooth issuance of loans. The two brothers, who are also the company directors are absconding. Both had a flamboyant lifestyle and owned properties abroad. One of them is said to have fled to an unknown country after the scam was initially unearthed.  Investigations are on. A look at the kind of properties Sandesara Group owns.