Rs.5,000 Crore Fraud -Gujarat zindabad

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Gujarat Firm Heads Left India Before Case Filed In Rs.5,000 Crore Fraud

Chetan Sandesara and his brother Nitin of Sterling Biotech left India before investigators came to know of the alleged fraud and opened a case against the firm

 

Sterling Biotech: Properties worth Rs. 4,703 crore have been seized by Enforcement Directorate

NEW DELHI: 

The properties of two Gujarat-based businessmen worth Rs. 4,703 crore have been seized by the Enforcement Directorate after the two men allegedly defrauded half a dozen banks of Rs. 5,700 crore. Chetan Sandesara and his brother Nitin, directors of Vadodara-based Sterling Biotech, who have been named as the main accused, left the country long before investigators came to know of the alleged fraud and opened a case against the firm, the ED has said.

The matter is likely to escalate amid the controversy over other businessmen such as Nirav Modi and Mehul Choksi, accused of defrauding Punjab National Bank of Rs. 13,000 crore, leaving India before they could be arrested.

The Sterling Biotech directors are believed to be in Nigeria, people familiar with the matter said. India does not have an extradition treaty or a Mutual Legal Assistance Treaty with Nigeria.

"The Sandesara brothers left even before LOC was opened against them," a senior ED officer told NDTV. LOC or lookout circular is used to track people who are wanted by the police and other probe agencies. The LOC against the promoters of Sterling Biotech was cleared in August 2017. A case by the CBI was filed three months later on October 25, followed by the ED two days later.

The property seized by the Enforcement Directorate

The ED also clarified that they are not probing the role of CBI Special Director Rakesh Asthana in the case. Initially, when searches were conducted, some diaries were recovered that contained details of payments made by Sterling Biotech to several people and firms in January and June 2011.

[Mitron]

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