A special court on Monday declared Nitin Sandesara, Chetan Sandesara, his wife Dipti and Hiteshkumar Narendrabhai Patel fugitive economic offenders on the Enforcement Directorate’s (ED) request in connection with the Sterling Biotech case. It will facilitate confiscation of their assets.
Also read: Judge recuses from ₹8.1K crore bank loan fraud case against Sterling Biotech owners
The ED is conducting the money laundering probe based on two FIRs registered by the CBI against Sterling Biotech and others in October 2017. In one case, the agencies have alleged routing of undisclosed funds belonging to unknown Income-Tax Department officials, while the second case pertains to bank loan defaults of ₹8,100 crore.
The case in which the four accused have been declared fugitives involves alleged laundering of over ₹100 crore.
In the bank loan case, the ED has so far attached assets worth…