Rs 5000 Crore Bank Fraud Exposed

Mon Sep 24 2018 18:10:31 GMT+0530 (IST)

Liquor Baron Vijay Mallya & Jeweller Nirav Modi duped banks to the tune of Rs 9,000 crore and Rs 13,000 crore respectively. Another bank fraud has come to light now.



Gujarat-based Pharma Company Sterling Biotech has been involved in a Rs 5,000 crore bank fraud. Nitin Sandesara and Chetan Sandesara who happens to be the directors of the film set up nearly 300 shell companies in India and Foreign to avail credit facility of around Rs 5,000 crore. They were even involved in fake sales & purchases, insider trading and manipulating balance sheets. CBI and Enforcement Directorate booked Nitin Sandesara, Chetan Sandesara, Former Andhra Bank Director Anup Garg, CA Hemanth Hathi and few other bank officials. Some of the assets of Sterling Biotech have been attached by investigation agencies already.

Officials suspect Nitin Sandesara and Chetan Sandesara could have escaped to Nigeria for avoiding the arrest. India neither hand Extradition Treaty nor Mutual Legal Assistance with Nigeria. In such cases, Deportation of the fraudsters is going to be a herculean task.