Group faces allegations of bank loan fraud involving Rs. 8,100 crore.
The Interpol is yet to issue Red Notices against Chetan and Nitin Sandesara, promoters of the Vadodara-based Sterling Biotech Limited group which faces allegations of bank loan fraud involving Rs. 8,100 crore. The Enforcement Directorate, which is pursuing a money-laundering probe against the accused persons, has requested the Interpol to issue the notices to facilitate their detention abroad. They went underground after the CBI had registered the first case against Sterling Biotech in August 2017.
The second case pertaining to bank loans was lodged in October the same year.
The case against the accused is that they took loans from an Andhra Bank-led consortium and diverted the money for undeclared purposes.