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New Delhi, Aug 16: Vadodara-based director of Sterling Biotech was arrested in Dubai for Rs 5,000-crore bank fraud, said media reports on Thursday. As per The Times of India, Nitin Sandesa would soon be deported. Last year, fugitive businessmen Nitin and Chetan Sandesara fled the country with their families even before the CBI could file a case against them. They were accused of cheated several state-owned banks led by Andhra Bank.
In a written statement to the foreign ministry in March, the Enforcement Directorate (ED) had reportedly sought for the cancellation of the passports of Nitin and Chetan. Senior officials of the ED stated that the Sandesara group allegedly defrauded a consortium of banks. The defraud amount outstanding against the banks and investors would be more than Rs 10,000 crore, stated the report. Due to Nitin’s alleged political links, his detention in the case would be a major breakthrough.
Nitin and Chetan were first investigated in 2011 when the Income-tax department raided their Vadodara house and found a diary with details of payoffs to high profile politicians and their relatives. The CBI filed cases against three I-T officers based on the entries found in the diary, for their association with a leading politician that one of the accused is related to. Those accused were at the level of commissioners and principal commissioners.
According to the report, three persons were earlier arrested in the case. They are Delhi-based businessman Gagan Dhawan, former director of Andhra Bank Anup Garg and Sterling Biotech director Rajbhushan Dixit. A chargesheet was also filed against Rajbhushan Dixit, and properties and other assets worth over Rs 4,700 crore belonging to Nitin and Chetan’s companies were also attached.
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