Hitesh Patel, accused in Rs 8,000 crore fraud case, arrested in Albania
TNN | Mar 23, 2019, 03:46 ISTNEW DELHI: Hitesh Patel, brother-in-law of main accused in the Rs 8,100 crore Sterling Biotech fraud Chetan Sandesara, has been arrested in Albania on the basis of an Interpol red corner notice issued on March 11 at the request of the Enforcement Directorate.
The ED, which is probing the money laundering case against the Sandesaras and others, said it would soon approach the local court to seek his extradition. Patel was arrested in Tirana on March 20.
Patel is wanted by the agency for his involvement with dozens of shell companies used by the Sandesaras to launder bank loans. The ED had on March 19 issued an extradition request to Albania against Chetan Sandesara and his brother Nitin Sandesara, the two directors of Sterling Biotech Ltd.
The Sandesara brothers, who fled the country soon after cases were registered against them by CBI and ED in 2017, are wanted for bank loan frauds of more than Rs 8,100 crore. A case has been filed against them under the Fugitive Economic Offenders Act to confiscate their properties. The ED has attached Rs 4,700 crore of their personal assets and those of associated group companies.
The Sandesara brothers too are believed to have taken citizenship of Albania to evade arrest by Indian agencies. Earlier, the ED had arrested four persons on charges of money laundering, including Delhi-based businessman Gagan Dhawan, known to be close to a senior Congress leader. His dealings in purchase of properties were under the agency’s scanner.
The ED has also arrested Anup Garg, former director of Andhra Bank; R B Dixit, director of Sterling Biotech Ltd; and Ranjeet Malik, an associate of Gagan Dhawan. It has filed five chargesheets in the case so far.
Investigation showed that the Sterling promoters had allegedly incorporated more than 250 shell companies and laundered money through them to foreign entities. More than 100 shell companies were created in various countries, including the UAE, the US, the UK, British Vigin Islands, Mauritius, Barbados and Nigeria to launder money borrowed from banks.
“The Sandesaras are engaged in the oil business and have numerous assets in Nigeria, including oil blocks (Durga 1-4), barges and ships (Tulja Bhawani, Varinda) etc. Some of their vessels are also registered in Panama,” the ED had earlier claimed in its chargesheet. Besides, they have immovable property in British Virgin Islands, which the agency has sought to confiscate while investigation is on to identify more foreign assets.
The ED, which is probing the money laundering case against the Sandesaras and others, said it would soon approach the local court to seek his extradition. Patel was arrested in Tirana on March 20.
Patel is wanted by the agency for his involvement with dozens of shell companies used by the Sandesaras to launder bank loans. The ED had on March 19 issued an extradition request to Albania against Chetan Sandesara and his brother Nitin Sandesara, the two directors of Sterling Biotech Ltd.
The Sandesara brothers, who fled the country soon after cases were registered against them by CBI and ED in 2017, are wanted for bank loan frauds of more than Rs 8,100 crore. A case has been filed against them under the Fugitive Economic Offenders Act to confiscate their properties. The ED has attached Rs 4,700 crore of their personal assets and those of associated group companies.
The Sandesara brothers too are believed to have taken citizenship of Albania to evade arrest by Indian agencies. Earlier, the ED had arrested four persons on charges of money laundering, including Delhi-based businessman Gagan Dhawan, known to be close to a senior Congress leader. His dealings in purchase of properties were under the agency’s scanner.
The ED has also arrested Anup Garg, former director of Andhra Bank; R B Dixit, director of Sterling Biotech Ltd; and Ranjeet Malik, an associate of Gagan Dhawan. It has filed five chargesheets in the case so far.
Investigation showed that the Sterling promoters had allegedly incorporated more than 250 shell companies and laundered money through them to foreign entities. More than 100 shell companies were created in various countries, including the UAE, the US, the UK, British Vigin Islands, Mauritius, Barbados and Nigeria to launder money borrowed from banks.
“The Sandesaras are engaged in the oil business and have numerous assets in Nigeria, including oil blocks (Durga 1-4), barges and ships (Tulja Bhawani, Varinda) etc. Some of their vessels are also registered in Panama,” the ED had earlier claimed in its chargesheet. Besides, they have immovable property in British Virgin Islands, which the agency has sought to confiscate while investigation is on to identify more foreign assets.
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