Published 19:42 IST, June 8th 2020
Cong leader Ahmed Patel's son, son-in-law admit 'knowing' fugitive Chetan Sandesara to ED
Congres Treasurer Ahmed Patel’s son - Faisel Patel and his son-in-law - Irfan Siddiqui have confessed that they knew Chetan Sandesara in Sterling biotech scam
Advertisement
In a massive development, top sources in ED have confirmed on Monday, that Congres Treasurer Ahmed Patel’s son - Faisel Patel and his son-in-law - Irfan Siddiqui have confessed that they knew Chetan Sandesara - younger brother of the Sterling Biotech Ltd Director - Nitin Sandesara. Both have been questioned for their link to teh Sandesaras by the Enforcement Directorate (ED) since 2019. The ED is currently probing into the Sandesaras for cheating Indian banks to the tune of over Rs 14,500 crore. Meanwhile, the Central Bureau of Investigation (CBI) has lodged an FIR in 2017 for fraud of Rs 5383 crores against Sterling Biotech Ltd and its promoters, as per ANI.
ED calls Ahmed Patel for question
Moreover, ED had summoned Patel for questioning, but he did not turn up, as per sources. Patel sent a letter to ED today saying that he cannot appear before ED because he is a senior citizen and as per COVID guidelines he needs to stay indoor. ED has written back to him informing him that they will come to his residence to question either this week or next week.
What is the Sterling Biotech - Sandesaras scam?
As per reports, the Sterling Biotech Ltd promoters - Nitin Sandesara, Chetan Sandesara and Dipti Sandesara have cheated a consortium of banks led by Andhra Bank, UCO Bank, State Bank of India, Allahabad Bank and Bank of India, by availing loans of around Rs 9000 crores from the banks' foreign branches. The Sandesaras used overseas companies of the Sterling Biotech Ltd (SBL) group and diverted these funds for non-mandated purposes through domestic as well as offshore entities, as per reports. The ED has attached properties worth Rs 9778 crore of the SBL group in the same bank fraud case.
Where are the Sandesaras?
Reports further state that the Sandesaras have siphoned off money to fund their Nigerian oil business - Sterling Energy and Exploration Production Ltd (SEEPCO). All Sandesaras are reportedly in hiding in Nigeria and have been declared as wilful defaulters. The Central Bureau of Investigation recently sought information from Interpol Nigeria to verify Sandesaras' presence and to allow their extradition back to India.
19:37 IST, June 8th 2020