Bank loan fraud case: ED moves court against Sterling Biotech
The Enforcement Directorate (ED) today moved a special court in New Delhi to get the owners of Gujarat-based Sterling Biotech group, who are charged in an alleged Rs. 8,100 crore bank loan fraud case, declared fugitive economic offenders under a new law, officials said. The agency has also sought confiscation of the assets worth over Rs. 5,000 crore of the Vadodara-based business family.
Case filed to declare the promoters as 'fugitives'
The officials said the ED has filed the plea before a special court of the Prevention of Money Laundering Act (PMLA) seeking to declare Nitin Sandesara, Chetan Sandesara, Dipti Sandesara, and Hitesh Patel fugitives under Section 4 of the Fugitive Economic Offenders Act. The act was brought by the Modi government this year to check cases of large bank frauds and similar crimes.
Promoters have fled the country to avoid criminal probe: ED
"All the four are promoters of the Sterling Group and have fled the country to avoid criminal probe against them in a Rs. 8,100 crore bank loan fraud involving a consortium of banks," a senior official said.
Sandesaras are reported to be in Nigeria, Patel in US
In the fraud case, the ED has filed a fresh charge sheet under the PMLA earlier this week and had charged the Sandesaras and others with money laundering and siphoning bank loans. While the Sandesaras are reported to be based in Nigeria, Patel is said to be in the US. The agency will also move for their extradition soon, they said.
