Rs 5,000 crore bank fraud: CBI approaches Nigeria seeking information on absconding businessman Nitin Sandesara
The Central Bureau of Investigation (CBI) on Tuesday asked the Interpol wing of Nigeria to confirm if absconding businessman Nitin Sandesara has moved in that country, PTI reported. The latest development comes a day after reports emerged that Sandesara, the owner of Gujarat-based Sterling Biotech group and a key accused in a Rs 5,300-crore bank loan fraud, has fled from the UAE.
On August 15, Indian agencies had learnt that Sandesara had been detained by UAE authorities. Both the CBI and Enforcement Directorate (ED) had immediately written to the UAE apprising it of the cases against him and requesting his provisional arrest.
However, the information now received by the agencies is that he is no more in the Gulf country. “What we have learnt is that he had been detained by authorities in the UAE for an offence related to local issues. The detention was not related to our case. He is not in the UAE anymore. We do not exactly know where he is. He has investments and companies from the United Kingdom to Nigeria. He could be anywhere,” an official involved with the investigation said.
It is in the Sterling Biotech case that the CBI has told the Central Vigilance Commission that it is probing its Special Director, Rakesh Asthana.
Sandesara and his brother Chetan Jayantilal Sandesara, both directors in the Vadodara-based Sterling Biotech pharmaceutical firm, are key accused in the case. It is alleged that the company took loans of Rs 5,383 crore from a consortium led by Andhra Bank, which later turned into non-performing assets. The case is also believed to involve politicians and bureaucrats. The Sandesara brothers have been absconding since the case was registered by the CBI in October 2017. The ED is probing a case of money laundering against the company and the Sandesaras.