Just a month after reports indicated that Gujarat-based Sterling Biotech owner Nitin Sandesara had been detained in the UAE, it has come to light that the businessman, wanted in a Rs 5,300 crore fraud, may have fled to Nigeria.
Top sources in the agency told the publication that Sandesara, along with his family members including brother Chetan Sandesara and sister-in-law Diptiben Sandesara may have taken refuge in the African country.
“There were reports that Nitin Sandesara was detained by UAE authorities in Dubai in the second week of August. The information was incorrect. He was never detained in Dubai. He and other family members probably left for Nigeria much before that,” an official was quoted as saying by the newspaper.
Sandesara’s other family members, including brother Chetan Sandesara and sister-in-law Diptiben Sandesara are also believed to be escaped to Nigeria.
In June, the Enforcement Directorate has attached Rs 4,701 crore worth of assets of Gujarat-based pharmaceutical company Sterling Biotech Group in connection with a Rs 5,000 crore bank fraud money laundering case.
The agency issued a provisional freezing order under the Prevention of Money Laundering Act (PMLA) and attached immovable properties of around 4,000 acres, plant and machinery, around 200 bank accounts of various linked companies and promoters, shares worth Rs. 6.67 crore and a number of luxury cars of the Vadodara-based group, officials said.
This was one of the ED’s biggest attachment of assets under the stringent PMLA this year.
The probe agencies had alleged that the firm and its absconding promoters, on the basis of false and fabricated documents, had fraudulently obtained credit facilities of more than Rs 5,000 crore from various banks, which subsequently turned into NPAs.
“The loans were sanctioned by a consortium of banks like the Andhra Bank, UCO Bank, State Bank of India, Allahabad Bank and Bank of India.
“Till date, the banks have declared as fraud, various outstanding loan accounts to the tune of about Rs 5,000 crore in respect of various companies of Sterling Group including Sterling Biotech Ltd, Sterling Port Ltd, PMT Machines Ltd., Sterling SEZ and Infrastructure Ltd and Sterling Oil Resources Ltd,” the ED said.
This is really attention-grabbing, You’re an overly skilled blogger.
I’ve joined your feed and sit up for looking for more of your wonderful post.
Additionally, I’ve shared your website in my social networks!
I truly wanted to develop a note so as to thank you for these splendid recommendations you are giving
at this website. My time intensive internet lookup has now been paid with useful
facts and strategies to talk about with my friends and classmates.
I would suppose that many of us website visitors actually are very much
lucky to live in a decent site with very many wonderful individuals with
great basics. I feel extremely lucky to have used the web pages and look forward to so many more amazing minutes reading here.
Thanks a lot once more for all the details.
Mais le monde des séries TV est très concurrentiel.
Quality articles and higher volume website traffic are focused.
But more importantly, make sure focus on the is tightly
related your readers, followers and customers. Restating a post will provides it a
new version. https://918kiss.bid/downloads/222-download-ace333-apk-to-phone-for-android-and-ios
Pretty section of content. I just stumbled upon your web site
and in accession capital to assert that I get in fact enjoyed account your blog posts.
Any way I’ll be subscribing to your feeds and even I achievement you access consistently quickly. https://918.network/casino-games/74-mega888
Pretty section of content. I just stumbled upon your web site and in accession capital to
assert that I get in fact enjoyed account your blog posts.
Any way I’ll be subscribing to your feeds and even I achievement you access consistently quickly. https://918.network/casino-games/74-mega888
My brother suggested I might like this web site. He was entirely right.
This post actually made my day. You cann’t imagine simply
how much time I had spent for this info! Thanks!
I am truly happy to read this web site posts which consists of
tons of valuable information, thanks for providing these information.
We’re a bunch of volunteers and opening a new scheme in our community.
Your web site offered us with helpful info to work on. You’ve
performed an impressive activity and our entire community can be grateful to you. https://918.network/downloads/85-download-live22
We’re a bunch of volunteers and opening a new scheme in our community.
Your web site offered us with helpful info to work on. You’ve performed an impressive activity and our entire community can be grateful to you. https://918.network/downloads/85-download-live22
It’s nearly impossible to find educated people about this subject,
but you sound like you know what you’re talking about! Thanks