Sterling Biotech Group promoters Sandesara brothers, accused of bank fraud and money laundering, declared fugitive economic offenders
A Delhi court on Monday declared Sandesara brothers, promoters of Gujarat based Sterling group, fugitive economic offenders. The action has been taken on a petition by the Enforcement Directorate (ED).
The Sandesara brothers - Nitin and Chetan - along with latter’s wife wife Dipti have been declared fugitives under the Fugitive Economic Offenders (FEO) Act.
They left India in 2017 after allegedly swindling several banks of Rs 14,500 crore through bank loans. Their last known location, according to investigating agencies, is Nigeria.
Only Vijay Mallya and Nirav Modi have been declared fugitive economic offenders before them. The FEO act gives powers to the ED to attach assets of accused anywhere in the world.
The ED had registered a criminal case in the alleged bank fraud scam based on a Central Bureau of Investigation FIR and charge sheet.
The Sandesaras are being probed by multiple agencies, including the Central Bureau of Investigation (CBI) and the income tax department.
In June 2019, the ED attached moveable and immovable properties worth Rs 9,778 crores belonging to the Sandesaras including four oil rigs and oil fields in Nigeria and several ships apart from a Gulfstream aircraft and flat in London.