India declares Sterling Biotech owners ‘Economic Fugitives’

pharmafile | October 26, 2018 | News story | Medical Communications India, Modi, Sandesara, Sterling Biotech, corruption 

India’s Enforcement Directorate (ED), the country’s law enforcement agency responsible for tackling financial and economic crimes, is using new powers brought in by the Modi administration to charge the Sterling Biotech fraudsters as Fugitive Economic Offenders, in connection with the £850 million bank loan fraud case that has scandalised India in recent months.

The ED have also said that they are investigating ‘public officials’ for their role in the Rs 8,100 crore bank loan fraud case as they processed a fresh charge sheet before a special court.

“Cash to the tune of Rs 1.4 billion was withdrawn from shell companies and were used for the personal purposes of the promoters which also includes bribing of public officials,” the ED said in a statement.

Meanwhile the court is seeking to initiate a Fugitive Economic Offenders tag for the Sandesara criminals and their associate Hitesh Patel who have reportedly fled to Nigeria and the USA.

The charges have come in the midst of Narendra Modi’s anti-corruption campaign.

The news has come after Sterling Biotech owner Nitin Sandesara was detained in Dubai.

Louis Goss

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