The Enforcement Directorate (ED) has attached properties around Rs 9,777 crores belonging to Sandesara brothers. What is significant about this round of attachments is that these properties are in foreign locations.
The attached properties include 4 Oil Rigs and Oil field namely OML 143 located in Nigeria which are held by Sterling Energy Exploration Pvt Co Ltd Nigeria, ships namely Tulja Bhawani, Varinda, Bhavya, Brahmani etc which are registered in Panama and held in the name of company Atlantic Blue Water Services: Aircraft 200 Gulfstream registered in USA held by M/s SAIB LLC and residential flat in London.
The ED probe has revealed that total outstanding dues to banks is over Rs 13,371 crore rupees. The total fraud stands at over Rs 8000 crore. Through 249 shell companies, bank loan was diverted abroad.
The Sandesaras are also accused of diverting Rs 249 crore for personal use. Incorporating over 100 companies in British Virgin Islands, Nigeria, Barbados and diverting the money.
This attachment is in addition to the attachment of assets worth Rs 4730 crore made by the ED in 2018 which stands confirmed by the Adjudicating Authority under PMLA, in the case registered by the Directorate after CBI had registered an FIR in October 2017 for cheating and bank fraud to the tune of Rs 5383 Crores against the said company and its promoters.
The main promoters have not only siphoned off loan funds to finance their Nigerian Oil Business but also for their personal purposes.
Investigations also revealed that the group was engaged in round tripping of Standby Letters of Credit (SBLCs) funds to the tune of Rs 4500 crores by violating the conditions laid by RBI while sanctioning the loan.