Added on : 2018-10-26 17:19:16
The Enforcement Directorate today moved a special court in New Delhi to get the owners of Gujarat-based Sterling Biotech group, declared fugitive economic offenders under a new law. They have been charged in an alleged 8,100-crore rupee bank loan fraud case. The agency has also sought confiscation of the assets worth over 5,000 crore rupees of the Vadodara-based business family as part of the action under the fugitive law. According to official, the central agency has filed a plea before a special court of the Prevention of Money Laundering Act (PMLA), seeking to declare Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel fugitives under Section 4 of the Fugitive Economic Offenders Act.