New Delhi: The Enforcement Directorate (ED) on Friday moved a special court seeking a fugitive tag against Sterling Biotech promoters under Section 4 of the Fugitive Economic Offenders Act in connection with Rs 8,100 crore bank loan fraud case.
The ED moved the plea before additional sessions judge Satish Kumar Arora to declare promoters-- Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel as fugitives.
The ED claimed that the promoters have reportedly fled the country to avoid criminal investigation and sought confiscation of the assets worth over Rs 5,000 crore of the Sandesara business family as a part of the action under Fugitive Economic Offenders Act.
Till date, 191 have been accused in the case including 184 companies (179 shell companies) and seven individuals namely Nitin Sandesara, Chetan Sandesara, Dipti Sandesara, Delhi based businessman Gagan Dhawan and others.
The original PAN cards, stamps, seals, Memorandum of Association and signed but blank chequebooks of the shell companies have been seized.
Banks have declared loans to the tune of Rs 8,100 crores as fraud and Rs 13,754 crores as the total outstanding amount.
The Fugitive Act was introduced by the central government in 2018 to confiscate properties and assets of economic offenders.