Insta
Absconding Pharma Company Director Being Probed For Rs 5000 Crore Bank Fraud Arrested In Dubai
Swarajya Staff
Aug 16, 2018, 05:02 PM | Updated 05:02 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Nitin Sandesara, an absconding director of a Gujarat based pharmaceutical company has been arrested by the Dubai police, Economic Times has reported. The company is currently being probed in a Rs 5,000 crore bank fraud case. The company has taken loans of an equal amount from a consortium of banks including Andhra Bank, but the loan has turned into a non-performing asset (NPA). He was arrested based on inputs given by Indian probe agencies to Dubai police.
"The legal process post the arrest is taking place in Dubai. We are waiting for details. Indian agencies will try to get him deported," an official told Economic Times. The Enforcement Directorate (ED) has also arrested several others in the case. A Delhi based businessman, Gagan Dhawan, former Andhra Bank director Anup Garg are director of Sterling Biotech Ltd Rajbhushan Dixit are among those arrested. The ED has also attached assets worth Rs 4,700 crore belonging to the company.
Post 2014, several economic offenders including Vijay Mallya, Nirav Modi and Mehul Choksi have fled India after failing to pay their dues to the banks. The rising trend of bank frauds had led to the passage of Fugitive Economic Offenders Bill which enables the government to confiscate properties of economic offenders who refuse to return to India.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.