The Enforcement Directorate on Friday said it had attached assets worth Rs 4,701 crore of Gujarat-based pharmaceutical company Sterling Biotech group in connection with a money laundering case. The company has allegedly defaulted on loans worth Rs 5,300 crore.

The agency attached immovable properties spread across 4,000 acres, machinery, around 200 bank accounts of related companies and promoters, shares worth Rs 6.67 crore, and several luxury cars, unidentified officials told PTI.

On October 28, the Central Bureau of Investigation filed a case against the company for defaulting on loans worth Rs 5,383 crore. The CBI has alleged that the company secured the loans from a consortium of banks led by the Andhra Bank, and these have now turned into non-performing assets.

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The CBI has booked Sterling Biotech’s directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, chartered accountant Hemant Hathi, former director of Andhra Bank Anup Garg and other unidentified people.

The Enforcement Directorate also registered a money laundering case against the company and its promoters Nitin and Chetan Sandesara in October. The agency believes the promoters siphoned off most of the loans the company defaulted on. It then conducted about 50 searches at various locations in the country.

The Enforcement Directorate has arrested Anup Garg and Rajbhhushan Dixit so far. The other main accused in the case have fled the country, The Hindu reported.