Absconding Pharma Company Director Being Probed For Rs 5000 Crore Bank Fraud Arrested In DubaiNitin Sandesara. (Hemant Mishra/Mint via Getty Images)

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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber