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‘Sandesara loan fraud bigger than PNB scam’: Enforcement Directorate

ED suspects brothers Nitin Sandesara and Chetan Sandesara could be hiding in Nigeria.

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Days after the Enforcement Directorate attached properties worth Rs 9,778 crore under the Prevention of Money Laundering Act, the ED claims that the Sandesara scam is much bigger than the PNB scam. According to the investigation carried out by ED, the main promoters of Sterling Biotech, Nitin Sandesara, Chetan Sandesara, Deepti Sandesara among others duped Indian banks by whopping Rs 14,500 crore. The officials found that the Sterling Biotech Group had borrowed loans to the tune of Rs 9,000 crore from overseas branches of these banks and later distributed them across the globe through shell companies, finally parking it down in Nigeria.

The ED had attached Rs 9,778 crore worth of property. These properties included oil rigs, fields, aeroplane and ships in Nigeria along with a house in London. “This is in addition to assets worth Rs 4,730 crore attached by ED in 2018 which was confirmed by the Adjudicating Authority under PMLA, in the case registered by the Directorate after CBI had registered an FIR in October 2017 for cheating and fraud to the tune of Rs 5,383 crore against the said company and its promoters,” the ED said. The probe had also revealed that the promoters had used their employees’ names and incorporated 249 domestic and 96 offshore shell firms. 

Patel Link

  • ED suspects brothers Nitin Sandesara and Chetan Sandesara could be hiding in Nigeria.  
  • Interestingly, the brothers are reportedly close to Congress leader Ahmed Patel.  

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