Andhra Bank shares plunge 14% as ex-director charged in fraud, navyamedia

Andhra Bank shares plunge 14% as ex-director charged in fraud

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Shares of the beleaguered Andhra Bank plunged 14% today after the Enforcement Directorate filed a chargesheet against the former director of the bank, Anup Prakash Garg, in a Rs 5,000-crore fraud involving Sterling Biotech.

Garg was allegedly paid at least Rs 1.52 crore by Sterling Biotech directors for facilitating bank credit.

Sterling had taken loans of over Rs 5,000 crore from an Andhra Bank-led consortium, which turned into bad loans.