India asks Nigerian Interpol about Nitin Sandesara's whereabouts
New Delhi [India], Sept. 25 (ANI): The Indian Interpol has asked Nigerian Interpol about the whereabouts of fugitive businessman Nitin Sandesara and others.
ANI
Sep 25, 2018 19:21 IST
New Delhi [India], Sept. 25 (ANI): The Indian Interpol has asked Nigerian Interpol about the whereabouts of fugitive businessman Nitin Sandesara and others.
Sandesara, director of a Gujarat-based pharma company Sterling Biotech, is wanted in Rs 5,000 crore bank fraud case. He and his brother Chetan Sandesara fled from the country in 2017 along with family members.
Last year, the Central Bureau of Investigation (CBI) registered a case against Sandesara and his brother for allegedly defrauding a consortium of state-owned banks.
Earlier, the Enforcement Directorate attached several movable and immovable properties of the Sandesara brothers under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
During an investigation, the ED found that several companies promoted by the Sandesara brothers had allegedly fraudulently obtained credit facilities of more than Rs 5000 crore from various banks, which subsequently turned into Non-Performing Assets (NPAs).
The probe also revealed that the promoters set up more than 300 shell and benami companies in India and abroad, including in Nigeria, United Arab Emirates, British Virgin Islands, America, Seychelles and Mauritius to divert and misuse loan funds.
The Sandesara brothers reportedly controlled these shell and benami companies through dummy directors. (ANI)
Get the App
