ED moves court against Sterling Biotech group promoters

The Enforcement Directorate yesterday moved a special court in New Delhi to get the owners of Gujarat-based Sterling Biotech group, declared fugitive economic offenders under a new law. They have been charged in an alleged 8,100-crore rupee bank loan fraud case. 

The agency has also sought confiscation of the assets worth over 5,000 crore rupees of the Vadodara-based business family as part of the action under the fugitive law.

  

According to official, the central agency has filed a plea before a special court of the



Prevention of Money Laundering Act (PMLA), seeking to declare Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel fugitives under Section 4 of the Fugitive Economic Offenders Act.

The official said, all the four are promoters of the Sterling Group and have fled the country to avoid criminal probe against them in a 8,100-crore rupee bank loan fraud involving a consortium of banks.

The official added that the agency will also move for their extradition soon.