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Sterling Biotech case: Hitesh Patel held in Albania
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SME Times News Bureau | 22 Mar, 2019
Fugitive businessman Hitesh Narender Bhai Patel, an accused in the Rs
8,100 crore alleged bank loan fraud by the Gujarat-based Sterling
Biotech group, has been detained in Albania and is expected to be
extradited to India soon, the Enforcement Directorate (ED) said on
Friday.
Patel, wanted by the ED, was detained by law enforcement
officials of Albania in the capital city of Tirana on Wednesday on the
basis of a red corner notice (RCN) issued against him by the Interpol on
March 11 following requests from the Indian authorities, an ED
statement said.
Patel is an accused in a Rs 5,000 crore money
laundering case -- as part of the Rs 8,100 crore bank loan fraud
allegedly perpetrated by the Sterling Biotech Group -- in which the ED
had filed a chargesheet in a special Prevention of Money Laundering Act
(PMLA) court.
Patel is the brother-in-law of Gujarat-based
businessmen Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara,
known as the Sandesara brothers, who along with their pharmaceutical
company Sterling Biotech Group have been accused of taking Rs 8,100
crore loans from the domestic and offshore branches of Indian banks
between 2004 and 2012.
Patel was instrumental in getting dummy
directors from shell companies who were used by the Sandesaras for
routing, rotating and laundering the money, said the ED statement,
adding that he also handled and managed illicit cash transactions for
the Sandesaras.
"Patel also acted as director in many companies
and siphoned loan funds for the purchase of luxury cars. He never joined
the investigation and fled the country. A special court has issued
non-bailable warrant against him," the statement said.
The ED
said that Patel, the Sandesara brothers and their relative Dipti
Sandesara are the accused in the case. The Sandesara brothers are also
stated to be in Albania and on March 19, a Delhi court had allowed the
ED to send extradition requests to that country against the two.
All
the four accused are promoters of the Sterling group and have fled the
country to avoid criminal investigation and prosecution.
The ED
said that the accused have incorporated more than 100 entities in
various countries, including the UAE, the US, the UK, British Virgin
Island, Mauritius, Barbados and Nigeria. Their main entities outside
India include Richmond Overseas, Sunshine Trust Corp, SEEPCO BVI, SEEPCO
Nigeria and Atlantic Blue Water Services.
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