The Enforcement Directorate has summoned Faisal Patel, son of senior Congress leader Ahmed Patel, in the Sterling Biotech money laundering case. Faisal Patel is being probed by the ED for his links with the Sandesara brothers, the owners of the pharmaceutical company, who are accused in a ₹5,000 crore fraud case.
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The ED has asked Faisal Patel tor appear for questioning on Thursday.
On July 30 this year, the ED had also grilled Ahmed Patel’s son-in-law and advocate Irfan Siddiqui in connection with the case.
Sterling Biotech is under investigation as it had taken a loan worth Rs. 5,000 crores from a consortium of banks including Andhra Bank, but the loan has turned into a non-performing asset (NPA). According to ED, the Sandesara group allegedly cheated several banks and its total outstanding against banks and investors may go beyond Rs 10,000 crore.
As per the chargesheet filed in the case, owners of Sterling Group, Nitin Sandesara and Chetan Sandesara, had floated close to 300 shell companies to fraudulently move and layer the loan money abroad.
During the probe by ED, the group’s links with Ahmed Patel was revealed. Several persons questioned by ED in relation with the case had revealed the involvement of Ahmed Patel, his son, Faisal Patel, and his son-in-law, Irfan Siddiqui in the scam.
Sunil Yadav, an employee of the Sandesara group, had said that he had handed over cash to Faisal Patel’s chauffeur and that the cash was to be delivered to Ahmed Patel’s son on behalf of Chetan Sandesara.
The CBI had booked Sterling Biotech, its directors and senior officials, and some unidentified persons in connection with the alleged bank fraud case. The FIR alleged that the total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016.