NEW DELHI: Fugitive businessman Nitin Sandesara, wanted in a Rs 5,000 crore bank fraud case, was detained in Dubai a few days ago, raising the possibility of his deportation, according to sources in agencies investigating the Sandesara group of industries, including the Vadodara-based Sterling Biotech Ltd.
The Sandesara brothers, Nitin and Chetan, are accused of defrauding a consortium of government banks led by .
Nitin‘s detention is a significant breakthrough for agencies investigating the fraud.
The Vadodara-based brothers had fled the country with family members before the CBI registered a case against them last year.
The is investigating the case and wrote to the foreign ministry in March seeking revocation of passports of Nitin and Chetan.
The Sandesaras are among a list of 31 high-profile fugitives who left the country at different times after different agencies initiated cases of economic offences against them. The Vadodara-based businessmen are also being probed for their association with a leading politician whose son-in-law is one of the accused in the case.
The ED had recently filed a chargesheet against Rajbhushan Dixit, director of Sterling Biotech Ltd, and attached properties and other assets worth over Rs 4,700 crore of group companies and promoters Nitin and Chetan.
A money laundering case was registered by the agency based on a CBI FIR against the Sandesara group for alleged bank fraud of Rs 5,383 crore.
The ED probe, according to senior officers, found that the Sandesara group allegedly cheated several banks and its total outstanding against banks and investors may go beyond Rs 10,000 crore.
The Sandesaras first came under the of investigating agencies in 2011 when the income tax department searched Sandesara Estate in Vadodara and recovered a diary with details of pay-offs to high-profile politicians and their relatives, besides some top bureaucrats. Based on the diary entries, the CBI registered cases against three I-T officers at the level of commissioners and principal commissioners.
In this case, the ED had earlier arrested three persons, including Delhi-based businessman Gagan Dhawan, former director of Andhra Bank Anup Garg and director of Sterling Biotech Ltd Rajbhushan Dixit. The ED has also filed multiple prosecution complaints before the special PMLA court.
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