A recent update on ₹5000 crore fraud by Nitin Sandesara revealed that the businessman along with his family might have escaped to Nigeria. In contrary, CBI wanted businessman was supposedly detained by UAE authorities in Dubai in August this year.
A source told TOI that the buzz about the detainment of Nitin Sandesara by UAE authorities was incorrect rather he along with his family escaped UAE much before that. It might be difficult for ED and CBI to catch Nitin Sandesara as India does not have a Mutual Legal Assistance Treaty with Nigeria.
Although, the government might request UAE authorities to arrange a provisional arrest in case he is caught.
The ₹5000 crore fraud by Businessman Nitin Sandesara
Nitin Sandesara launched 300 shell companies to divert loans acquired illegally through banks. The CBI booked a case for creating shell companies, window dressing turnover, and manipulating balance sheets.
The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) alleged directors of Sterling Biotech Nitin Sandesara, Chetan Sandesara, Diptiben Sandesara, Rajbhushan Omprakash Dixit, Vilas Joshi, along with chartered accountant Hemant Hathi, former Andhra Bank director Anup Garg against laundering money of worth ₹5000 crore by cheating banks.
Gagan Dhawan and Garg were caught by ED under the case along with ₹4700 crore assets.