The Central Bureau of Investigation on Monday said it has no information on the current whereabouts of the directors of Vadodara-based Sterling Biotech Limited who fled the country last year. They are wanted in connection with a ₹5,383-crore bank loan fraud case.
“We have not received any information on the location of Sterling Biotech directors,” said an agency spokesperson, responding to reports that they might be in Nigeria with their family.
On October 25 last year, the CBI had registered an FIR against the company, its directors — Chetan, his wife Dipti and brother Nitin Sandesara — and others for an alleged fraud involving bank loans sanctioned from 2004 to 2012.
Two days later, the Enforcement Directorate lodged a money laundering case. Meanwhile, the Sandesaras went underground.
The Directorate said the probe was at an advanced stage. Assets worth ₹4,703 crore had already been attached under the Prevention of Money Laundering Act. The agency had also arrested three accused persons, including Delhi-based businessman Gagan Dhawan, “who was close to the power centre when the loans were given.”
The Look-out Circulars were issued against the accused persons in August 2017. “The Directorate is also finding more properties and trailing the proceeds of crime,” said the agency.
The attached assets include immovable properties of about 4,000 acres, plant machinery, around 200 bank accounts of several companies and accounts of promoters, shares worth Rs.6.67 crore and luxury vehicles.
According to the probe agencies, the banks have so far declared as fraud outstanding loan accounts in respect of the Sterling Group, including Sterling Biotech, Sterling Port Limited, PMT Machines Limited, Sterling SEZ and Infrastructure Ltd and Sterling Oil Resources Limited.
The Sandesaras had allegedly set up over 300 shell and “benami” companies in India and abroad for diversion and misuse of funds. They are into oil business and have several rigs, barges and oilfields across Nigeria.
The accused also have business interests in Mauritius, the United Arab Emirates, British Virgin Islands, Seychelles and the United States, among other countries.
