Gujarat-based Sterling Biotech’s owner Nitin Sandesara, Rs.5000 crore bank fraud accuse, was detained in Dubai and now reports suggest that he have fled to Nigeria.
Reportedly, Sandesara along with his family including brother Chetan Sandesara and sister-in-law Diptiben Sandesara arre hiding in Nigeria.
Sandesara is a wanted in India and as the country doesn’t have a Mutual Legal Assistance Treaty with Nigeria, and it seems to be difficult to bring him back from the African country.
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.
The company took a loan of over Rs.5000 crore from a group led by Andhra Bank, which had turned into non-performing assets. An FIR was registered against the company alleging pending dues of over Rs.5383 crore as on December 31, 2016.
The ED has arrested a few accused for the same including former Andhra Bank Director Anup Garg, Delhi-based businessman Gagan Dhawan, and Sterling Biotech Ltd. Director Rajbhushan Dixit.