Sterling Biotech director Nitin Sandesara arrested in Dubai in Rs 5,000 cr bank fraud case

New Delhi: Nitin Sandesara, an absconding director of a Gujarat-based pharma company which is being probed in a Rs 5,000 crore fraud case, has been arrested in Dubai, officials said. Officials said Sandesara was arrested by Dubai police based on a non-bailable arrest warrant issued by an Indian court. “The legal process post the arrest is taking place in Dubai. We are waiting for details. Indian agencies will try to get him deported,” a senior official said. Reportedly, Indian probe agencies had information on Nitin Sandesara being in Dubai, following which the authorities alerted the officials in the United Arab Emirates. [caption id=“attachment_3064526” align=“alignleft” width=“380”] Representational image. Getty Images[/caption] The company and its directors are being probed. CBI has booked Vadodara-based Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, chartered accountant Hemant Hathi, former director Andhra Bank Anup Garg and some unidentified persons in connection with the alleged bank fraud case. It is alleged that the company took loans of over Rs 5,000 crore from a consortium led by Andhra Bank which had turned into non-performing assets. As per the FIR, the total pending dues of the group of companies were Rs 5,383 crore as on 31 December 2016. The ED has taken the First Information Report (FIR) into cognisance. The Enforcement Directorate has arrested few people in this case including Delhi-based businessman Gagan Dhawan, former Andhra Bank director Anup Garg and Sterling Biotech Ltd director Rajbhhushan Dixit. Multiple prosecution complaints or charge sheets have also been filed by it before a special court here. It had also attached assets worth over Rs 4,700 crore of the pharmaceutical firm in June this year.