Andhra Bank shares tanked 12.7 percent intraday to hit a 52-week low of Rs 33.60 on Monday after the Enforcement Directorate filed a charge sheet against a former bank director in an alleged Rs 5,000-crore bank fraud case involving a Gujarat-based pharma firm.
The final report was filed before Additional Sessions Judge Sidharth Sharma against Anup Prakash Garg under the sections of Prevention of Money Laundering Act (PMLA).
The charge sheet, filed through ED's special public prosecutor Nitesh Rana, alleged that during the probe, the agency came across "certain entries" in a diary seized by the Income Tax Department in 2011 which showed various payments totalling about Rs 1.52 crore made to one "Mr Garg, Director, Andhra Bank" by Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara, directors Sterling Biotech, between 2008 and 2009.
"Various cash payments were made to Garg, as reflected in the said entries, on the instructions of the Sandesara brothers, by withdrawing cash from the bank accounts of several benami companies owned by them," it said.
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