Home Law Trouble mounts for Sterling Biotech as ED attaches its assets worth 4700 crores

Trouble mounts for Sterling Biotech as ED attaches its assets worth 4700 crores

Nitin Sandesara, one of the promoters of Sterling Biotech and the key accused in the multi-crore fraud case, is reportedly known as a close aide of Congress leader Ahmed Patel.

The Enforcement Directorate on Friday attached 4700 crores worth of assets belonging to the Sterling Biotech. The ED has been probing the alleged Rs 8,100-crore bank loan fraud case against the promoters of the Gujarat-based group.

The properties, located in places like Maharashtra, Gujarat, Karnataka, Delhi and others areas, included movable and immovable assets of Sterling Biotech, PMT Machines, Sterling Port and Sterling SEZ Infra.

Earlier we had reported that the Enforcement Directorate had moved to a special court seeking to get the owners of Gujarat-based Sterling Biotech group declared fugitive economic offenders under the Fugitive Economic Offenders Bill 2018.

- Ad - - article resumes -

The central agency has filed a 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. ED seeks to attach their assets in India and abroad.

It’s worthy to note here that the ED had made similar pleas, under the new fugitive law, against Vijay Mallya and diamond jewellers Nirav Modi and Mehul Choksi in separate bank loan money laundering probes.

Nitin Sandesara was apprehended by the Dubai police in August. He is reportedly known as a close aide of Congress leader Ahmed Patel.

After the ED had decided to tighten the noose on the Sandesara family in their alleged involvement in the massive bank fraud, names of Congress leader Ahmed Patel, his son, Faisal Patel, and his son-in-law, Irfan Siddiqui, had surfaced for their alleged involvement in the same.

Meanwhile, all the four promoters of Sterling group namely Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel had fled the country fearing a criminal probe in this multi-crore fraud case. “The Directorate has sought confiscation of their properties in India and abroad,” said the agency.

ED is also in the process to issue Red Corner Notices against these four offenders. Extradition requests shall be sent shortly to bring back the accused to India to face the trial proceedings.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Big Story

While the date of the recording is not clear, it can be inferred from above conversation that it took place sometime in July.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

To Advertise on Opindia.com Click here

Barkha Dutt’s strange coincidences with a Kashmiri who wished death upon PM Modi and Amit Shah

Idrees ul Haq, with whom Barkha Dutt had a series of ‘coincidences’ is a known separatist sympathiser

Deplorable ‘journalists’ further Pakistan propaganda and undermine India: Why should their patriotism not be questioned

Indian 'journalists' and 'intellectuals' have taken up the mantle of peddling the Pakistan narrative on Kashmir it appears.
Shah Faesal was reportedly planning to approach ICJ over India’s decision to abrogate Article 370

IAS-turned-politician Shah Faesal was travelling to file case against India in the ICJ over Kashmir issue: Report

Shah Faesal was nabbed at the New Delhi International Airport on August 14 when he was trying to leave the country, reportedly, to Turkey

Here is why Shobhaa De could be first in a long list to be exposed by Pakistan

India’s stand on abrogation of Article 370 and 35A and dilution of Jammu and Kashmir from a state to a Union Territory has dropped the baby of pretence.

Army veteran Surendra Poonia receives threats from Pakistan, files online complaint with cyber crime portal

Major Poonia shared screenshots of the threats he has been receiving as well as screenshot of message which said how an unknown number had threatened to character assassinate him and malign him.

Purported email screenshots of Kavita Krishnan’s team show them discussing use of retired judges and ex-military officers for Kashmir propaganda

Purported screenshots of internal emails of urban naxals are being circulated on social media
PM Modi's debut on Man vs Wild becomes most viewed show worldwide with 3.6 billion impressions, leaving Super Bowl behind

PM Modi’s debut on Man vs Wild becomes most trending show worldwide with 3.6 billion impressions, leaving Super Bowl behind

The appearance of PM Modi on Discovery’s ‘Man vs Wild’ show with survivalist and adventurer Bear Grylls has garnered 3.6 billion impressions and counting.

After the abrogation of Article 370, Pakistan Minister expresses angst over Rahul Gandhi not winning 2019 elections

After abrogation of Article 370 by the Modi government, Congress and Pakistan seem to have found an ideological soulmate in each other
Shehla Rashid bats for Armed insurgency in Kashmir

Career-protester-turned-politician Shehla Rashid downplays terrorism in Kashmir, calls legitimate action by India ‘state terrorism’ instead

According to Shehla Rashid, India has been inflicting atrocities on Kashmiris since 1953
Syed Akbaruddin addressed the media yesterday at the UN, affirmed that any decisions regarding Jammu and Kashmir is India's internal matter and if Pakistan wants any talks with India, it has to stop promoting terrorism first.

We do not need international busybodies to tell us how to run our lives, Pakistan using Jihad to promote violence: Syed Akbaruddin

"India is a vibrant democracy, we do not need international busybodies to tell us how to run our lives", India's ambassador to the UN Syed Akbaruddin.
Subscribe to Day's Top Stories
[newsletter_form type="minimal"]
- Advertisment -

Latest articles

Connect with us

180,671FansLike
170,109FollowersFollow
89,077SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post