ED seeks non-bailable warrant against 4 in Rs 5,000 cr bank loan fraud

The Enforcement Directorate (ED) has moved to Delhi's Patiala Court for open-ended non-bailable warrants against four promoters of Sterling Group in connection with an alleged Rs 5,000 crore bank loan fraud case.

ED is said to be in the process to issue Red Corner Notices against the key directors of the company-Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel. The court will be hearing the matter on January 5.

Earlier the court had issued the non-bailable warrants against the four accused, which could not be served despite the efforts made by the ED because of the unavailability of the accused concerned.

Hence, ED has now sought an open-ended non-bailable warrant which as per the guidelines of Interpol would enable the agency in the opening of a red notice against them.

Earlier on December 6, the adjudicating authority made under the Prevention of Money Laundering Act (PMLA) had confirmed Rs 4,700 crore attachments by the ED in the case of Sterling Biotech Group.

The properties of the group included movable and immovable properties of Sterling Biotech Ltd spread across Maharashtra, Gujarat, Karnataka, and Delhi etc.

ED had previously moved the special PMLA Court in Delhi and filed the complaint under Section 4 of the Fugitive Economic Offenders Act against four persons, namely, Nitin Sandesara, Chetan Sandesara, Dipti Sandesara, and Hitesh Patel.

All the four accused are promoters of Sterling Group and fled the country to allegedly avoid a criminal investigation. ED has sought to confiscate their properties in India and abroad.