Businessman Hitesh Narender Bhai Patel, wanted by the Enforcement Directorate in connection with the Rs.8,100-crore bank fraud case involving the Vadodara-based Sterling Biotech group, was detained at Tirana in Albania on Thursday.
The Interpol had on March 11 issued Red Notice against Mr. Patel, brother-in-law of the Sandesara brothers Nitin and Chetan who own the group, on the ED's request. Mr. Patel allegedly managed their properties and is a citizen of the United States.
The ED alleges that Mr. Patel was instrumental in getting dummy directors for shell companies used by the Sandesaras for routing and laundering funds. "He also acted a s director in many companies and siphoned off loan funds for purchase of properties," said the agency.
He, along with the Sandesaras, had fled the country after the Central Bureau of Investigation filed a case against them in 2017.
The ED has so far attached assets worth Rs. 4,700 crore in the case. They include the properties of Sterling Biotech Limited, PMT Machines Limited, Sterling Port Limited, Sterling SEZ Infra, personal properties of Mr. Nitin, Mr. Chetan, Dipti Sandesara and others.
The agency has already moved the court urging that the Sandesaras and Mr. Patel, promoters of the Sterling Group, to declare them fugitives under the Fugitive Economic Offenders Act.
The ED recent got court permission to send a request to Albania for extradition of Sandesaras.
No comments:
Post a Comment