According to sources fugitive diamantaire Nirav Modi who conned Punjab National Bank for 13,000 Crore and flew out of country. Presently the owner of Gujarat based Pharma company Sterling Biotech has been booked by Enforcement Directorate and CBI for involving in 5000 Cr bank fraud. Meanwhile the directors of company Nitin Sandesara, Chetan Sandesara and Dipti Sandesara have set up close to 300 shell companies in India and foreign countries to avail the credit facility of over 5000 Cr.
Previously some news emerged that UAE authorities have taken Nitin into custody at Dubai airport, but an officer in the know denied the rumor and said that Sandesaras could have escaped to Nigeria. Moreover since India do not have any extradition treaty or Mutual Legal assistance with Nigeria, it's certainly going to be a daunting task for Indian officials to get them back.
With respect to this case, ED and CBI also booked former Andhra Bank
director Anup Garg, chartered Accountant Hemant Hathi and few others. Moreover our
economists have already displeasure over such frauds, which is resulting in
high NPAs for banks and eventually leading to financial crisis in the banking
sector. Further the government is under pressure from opposition parties after
Vijay Mallya and Nirav Modi went absconding by cheating thousands of
crores.
