Homelegal News

Bank fraud: Court declares 4 directors of Gujarat-based pharma firm fugitive economic offenders

This article is more than 1 year old.

Bank fraud: Court declares 4 directors of Gujarat-based pharma firm fugitive economic offenders

Mini

A Delhi court on Monday declared four directors of a Gujarat-based pharma firm, Sterling Biotech Ltd (SBL), fugitive economic offendersin a Rs 8,100-crore bank fraud case. Additional Sessions Judge Dharmender Rana passed the order on a plea filed by the Enforcement Directorate (ED).

Bank fraud: Court declares 4 directors of Gujarat-based pharma firm fugitive economic offenders
A Delhi court on Monday declaredfour directors of a Gujarat-based pharma firm,Sterling Biotech Ltd (SBL), fugitive economic offendersin a Rs 8,100-crore bank fraud case. Additional Sessions Judge Dharmender Rana passed the order on a plea filed by the Enforcement Directorate (ED).
I have no hesitation in observing that this court is satisfied that the Petitioner has successfully pleaded and proved that the Respondents herein are fugitive economic offenders. It is hereby declared that accused Nitin Jayantilal Sandesara, Chetan Jayantilal Sandesara, Dipti Chetan Jayantilal Sandesra and Hiteshkumar Narendrabhai Patel are fugitive economic offenders, the judge said.
The ED had told the court that accused fled the country and were evading the process of law to face criminal prosecution. According to the ED,the four allegedly manipulated figures in the balance sheets of their flagship companies and induced banks to sanction higher loans.
next story

Market Movers

Currency

CompanyPriceChng%Chng