Economy

Nitin Sandesara of Sterling Biotech: The pharma tycoon behind Rs 5,000 crore loan fraud case

Updated : September 25, 2018 08:32 AM IST

His family includes brother Chetan Sandesara and sister-in-law Diptiben Sandesara who are likely to have been hiding in Nigeria.

Nitin Sandesara is a chartered accountant entrepreneur and the head of Sandesara Group and has played a major role by diversifying the Sandesara group of companies in several businesses such as tea, Gelatin, engineering.

Nitin Sandesara of Sterling Biotech: The pharma tycoon behind Rs 5,000 crore loan fraud case

Nitin Sandesara, the absconding director of Gujarat-based Sterling Biotech, is accused of perpetrating a Rs 5,000-crore fraud and is likely to have fled to Nigeria after being arrested in Dubai, according to media reports. He was wanted by the CBI and the ED in the scam.

His family includes brother Chetan Sandesara and sister-in-law Diptiben Sandesara who are likely to have been hiding in Nigeria.

He serves as the chairman and director at Sterling Exploration and Energy Production Company Limited.

As per the website, “The Sandesara group is a diversified group with varied interests in high growth industries. We have an estimated group valuation of $6.9 billion and have over 25 years of industrial experience. We have business interests in Pharmaceuticals, Healthcare, Oil & Gas, Engineering, Infrastructure, Onshore rigs, Seismic studies and Oil trading."

The company has allegedly taken loans of over Rs 5,000 crore from a consortium led by Andhra Bank. The consortium has accused Sterling of not paying back the loans after which they have been classified as non-performing assets.

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