Nitin Sandesara, a Gujarat-based businessman arrested in Dubai over Rs 5,000 crore fraud case

NewsBharati    16-Aug-2018
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Dubai, August 16: Crackdown on economic fraudsters continues in full swing! Notably, a fugitive businessman and a wanted in Rs 5,000 crore fraud case Nitin Sandesara was arrested in Dubai on Wednesday.

 

Dubai authorities nabbed Nitin Sandesara, an absconding director of a Gujarat-based pharma company on the basis of a non-bailable arrest warrant issued by an Indian court. Nitin Sandesara and his pharma company are being probed in Rs 5,000 crore fraud case.

The arrest comes after Indian investigation agencies alerted the officials in the United Arab Emirates about the visit of Nitin Sandesara to Dubai. However, as soon as all process gets completed Nitin Sandesara will be deported to India.

The pharma company and its directors are being probed in Rs 5,000 crore fraud case. According to the probe agencies, the company took loans of over Rs 5,000 crore from a consortium led by Andhra Bank which had later turned into non-performing assets.

As soon as the fraud was unveiled, the CBI arrested 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.

CBI also filed the FIR which stated that total pending dues of the group of companies were Rs 5,383 crore as on December 31, 2016. Taking a cognizance, the Enforcement Directorate (ED) also arrested few people including Delhi-based businessman Gagan Dhawan, former Andhra Bank director Anup Garg and Sterling Biotech Ltd director Rajbhhushan Dixit.

The ED has also filed multiple charge sheets before a special court in New Delhi and also attached assets worth over Rs 4,700 crore of the pharmaceutical firm in June this year.