Court allows ED to send LRs to 21 countries for assistance in 8,100 cr bank fraud case involving Sterling Biotech

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Court allows ED to send LRs to 21 countries for assistance in 8,100 cr bank fraud case involving Sterling Biotech

The ED registered its case based on Central Bureau of Investigation(CBI) charge sheet & is probing money laundering.
A Delhi Court has allowed the Enforcement Directorate to send Letters Rogatory (LR) to 21 countries, involving the U.K. & the UAE, seeking assistance in the probe of a 8,100 crore bank fraud case involving Gujarat-based Sterling Biotech Ltd.
Additional Sessions Judge Satish Kumar Arora granted permission to the ED on its plea seeking nod to send the LRs, also known as letter of request, to countries, also involving the US, China, Panama & Austria.
The LRs will also be send to Albania, where the Court recently allowed the ED to send extradition requests, after its special public prosecutor Nitesh Rana informed that its 2 directors – Nitin Sandesara & Chetankumar Sandesara – have obtained the citizenship.
Another director of the firm, Hitesh Narender Bhai Patel, was detained in Albania’s capital Tirana on 20th March on the basis of an Interpol notice issued against him by the ED.
The application moved by ED’s advocate A.R. Aditya also sought to send the LRs in some other countries which included Singapore, Hong Kong, Switzerland, Indonesia, Barbados, Bermuda, Cyprus, British Virgin Islands, Comoros, Jersey, Lichtenstein, Mauritius, Nigeria & Seychelles.
It’s alleged that the company took loans of over 5,000 crore from a consortium led by Andhra Bank, which had turned into non-performing assets. The total volume of the alleged loan defraud is pegged at 8,100 crore.
The ED registered its case based on CBI charge sheet and is probing money laundering.
The accused are also being probed by the ED for allegedly bribing senior Income Tax dept. officials as part of an earlier criminal complaint.
The agency has filed 5 charge sheets in this case till now & attached properties valued at 4,710 crore
MANISHANKAR

FOUNDR/CEO
Anti-Corruption And Human Rights Movement®-Chennai
Email: anticorruption.org2007@gmail.com.
Mobile: 91 9087856137

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