Nitin Sandesara, man behind Rs 5,000 crore bank fraud, may have fled to Nigeria

New Delhi: Nitin Sandesara, an absconding director of a Gujarat-based pharma company which is being probed in a Rs 5,000 crore fraud case, may have fled to Nigeria, as per media reports.

It was earlier reported that Sandesara, wanted by Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), was detained in Dubai. However, a Times of India reported on Monday said that Sandesara, along with his family is hiding in Nigeria. The paper, quoting sources said that reports of him being detained in UAE was a misinformation.

CBI has booked Vadodara-based Sterling Biotech, its directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, chartered accountant Hemant Hathi, former director Andhra Bank Anup Garg and some unidentified persons in connection with the alleged bank fraud case.

It is alleged that the company took loans of over Rs 5,000 crore from a consortium led by Andhra Bank which had turned into non-performing assets. As per the FIR, the total pending dues of the group of companies were Rs 5,383 crore as on December 31, 2016. The ED has taken the FIR into cognisance.

So far, the ED has arrested few people in this case including Delhi-based businessman Gagan Dhawan, former Andhra Bank director Anup Garg and Sterling Biotech Ltd director Rajbhhushan Dixit.

Multiple prosecution complaints or charge sheets have also been filed by it before a special court. It had also attached assets worth over Rs 4,700 crore of the pharmaceutical firm in June this year.

With PTI Inputs