Sterling Biotech Scam: Accused Hitesh Patel Detained In Albania

News World India | 0
| March 22 , 2019 , 16:37 IST

Hitesh Patel, an accused in a case related to Rs. 8,100 crore alleged bank loan fraud by Sterling Biotech group, has been detained in Albania on the basis of an Interpol notice issued by the Enforcement Directorate, officials stated on Friday.

"Patel is an accused in the case and is the brother-in-law of the main accused in the case, the Sandesara brothers (Nitin and Chetan Sandesara). He is expected to be extradited to India soon," officials said.

The Enforcement Directorate had ensued an Interpol red corner notice against him on March 11.

The company, owned by the Sandesara family from Vadodara, is alleged to have defaulted on loans amounting to Rs 8,100 crore taken from a consortium of banks. The CBI has also booked Nitin Sandesara, the owner of the company, his brother Chetan Sandesara, Chetan’s wife Deepti Sandesara in connection with the case.

The CBI had registered an FIR in 2017 for bank loan fraud against Sterling Biotech Ltd, its group companies, its directors and others. Sterling Biotech is promoted by Nitin Sandesara and Chetan Sandesara, who have reportedly fled abroad to escape proceedings in India.

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The ED has also obtained non-bailable warrants from a Special PMLA court against absconding accused.