Sterling Biotech director Nitin Sandesara, family members fled to Nigeria, not Dubai, say reports
Sterling Biotech is alleged to have taken loans of over Rs 5,000 crore from a consortium led by Andhra Bank which had turned into non-performing assets.
Mumbai: Nitin Jayantilal Sandesara, the absconding director of a Gujarat-based pharma company which is being probed in a Rs 5,000 crore fraud case, has reportedly fled to Nigeria and not Dubai as reports mentioned earlier. Sandesaria, his brother Chetan, sister in law, Dipti besides other family members are believed to be in Nigeria, according to media reports.
However, investigating agencies are planning to send a request to authorities in the United Arab Emirates (UAE) seeking a ‘provisional request’, the TOI report said.
Earlier, there were news reports that Sandesara was arrested by Dubai police based on a non-bailable arrest warrant issued by an Indian court. But he has left UAE, said a report in the Indian Express
"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 Sandesara being in Dubai, following which the authorities alerted the officials in United Arab Emirates.
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.
Meanwhile many tweeted the news taking potshots at the government. The Assam Congress said, Another Gujarati, one more brank fraud, same modus operandi of fleeing from the country.
— Assam Congress (@INCAssam) September 24, 2018
Prashant Bhushan, public interest lawyer and activist named the other Indian businessmen who had fled the country in a similar fashion. "After Mallya, Nirav Modi and Mehul Choksi, now Gujarat scamster Nitin Sandesara being investigated by the CBI, escapes with more than 2000 crs," he tweeted.
While the chaukidar distracts us with one scheme after another, his scamster escape assist Seva is working overtime. After Mallya, Nirav Modi and Mehul Choksi, now Gujarat scamster Nitin Sandesara being investigated by the CBI, escapes with more than 20000 Crs! https://t.co/26BtP6Xw5a — Prashant Bhushan (@pbhushan1) September 24, 2018
Sanjay Nirupam of the Congress in his tweet said, another 'bank chor' had been allowed to escape.
Another #BankChor is allowed to escape.#vijaymallya #MehulChoksi#NiravModi
And now #NitinSandesara who was facing investigation in ₹5000cr bank fraud has fled to Nigeria.Along with family.
Is it possible without agencies' support?
And who controls these agencies? We all know pic.twitter.com/T4mUUFORpk
— Sanjay Nirupam (@sanjaynirupam) September 24, 2018
Case so far
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 December 31, 2016. The ED has taken the 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.
Fugitive businessman Nitin Sandesara used 3 Indian passports, floated 37 firms in US with brother Chetan
Sandesara has secured substantial loan funds to the tune of Rs 1,030 crore from Indian banks and routed it through offshore investment companies like Crownhouse International Corp BVI, European Financial Development Corporation and Global Finance Ventures Ltd -- all owned by him.
Sterling SEZ case: NCLT gives an earful to bankers who want to withdraw bankrupcty proceedings, orders their personal presence
The NCLT also warned of punitive actions against the CoC members if they failed to be present at the next hearing on Friday.
'Rs 6,000-cr fraud case by Sandesara Group was daylight robbery': Nitin, Chetan Sandesara spun web to funnel illegal funds from India to Nigeria
The Appellate Tribunal, which works under the department of revenue, has termed the Sandesara Group fraud against the public sector banks as 'daylight robbery' seeking stringent action in the case. Sandesara brothers — Nitin and Chetan Sandesara, owners of Sandesara group of companies and now officially designated economic offenders