The adjudicating authority has confirmed the attachment of assets worth ₹4,700 crore by the Enforcement Directorate (ED) in connection with the money laundering case against the Sterling Biotech group and others, involving an alleged bank fraud of ₹8,100 crore.
The properties included movable and immovable assets of Sterling Biotech, PMT Machines, Sterling Port, Sterling SEZ Infra, accused Nitin Sandesara, Dipti Sandesara, Chetan and others. They are located in Maharashtra, Gujarat, Karnataka, Delhi and other places.
The ED had earlier moved an application before the Special Court under Section 4 of the Fugitive Economic Offenders Act against the Sandesaras and their co-accused Hitesh Patel.
“All the four accused are promoters of Sterling group and have fled the country. The Directorate has sought confiscation of their properties in India and abroad,” said the agency.
Request for extradition
The main accused persons are suspected to be in Nigeria. The agency may soon send requests seeking their extradition. Investigations revealed that the Sandesaras and others manipulated figures in the balance sheets of their flagship companies and induced banks to sanction higher loans. They diverted the loan funds for non-mandated purposes through a web of shell companies, it has been alleged.
