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In June 2019, the ED attached overseas assets worth ₹9,778 crore, which included four Nigeria-based oil rigs and an oil field, several ships registered in Panama, an aircraft registered in the U.S., and a flat in London.
| Photo Credit: Twitter@dir ed
Despite the Enforcement Directorate’s (ED) request to the Nigerian government to attach the assets of a Sterling Biotech group entity, Sterling Oil Exploration & Energy Production Co. (SEEPCO) Limited, in connection with a money laundering case, the company still seems to be operational. The crude oil produced by the company is said to be finding its way to various countries, including India.
Updated Feb 25, 2021 | 13:20 IST
If the docs submitted in SC are to be believed, all these happened in April, July, Nov of 2019 respectively but the info surfaced only through an affidavit submitted by Sandesaras in the SC on Feb 19, 2021. Nitin Sandesara of Sterling Biotech | Photo Credit: Twitter
New Delhi: It is a very important development pertaining to the Sandesaras, promoters of the Sterling Biotech group who have been declared fugitive economic offenders in Sept 2020 by a Delhi Court on a plea filed by ED relating to a case wherein they have defrauded Indian banks to the tune of at least Rs 15, 600 crores and fled to Nigeria.
Fugitive Sandesaras of Sterling Biotech Continue To Do Business with Indian Oil PSUs
Moneylife Digital Team
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In one more shocking twist to the controversial goings-on at major corporate defaulter Sterling group, it has been revealed that the fugitive Sandesara family is not only dictating terms to Indian public sector banks (PSBs) but has also continued to do business with the State-run oil companies.
According to whistle-blower Captain Sukhpal Singh, while the Sandesaras have been declared fugitives by the Prevention of Money Laundering Act (PMLA) court in September 2020, Indian Oil Corp Ltd (IOC) is importing oil from Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO) from Nigeria, a group company of the Sandesaras.