A day after Enforcement Directorate (ED) attached properties worth Rs 9,777 crore of Sandesara brothers, Republic TV has accessed six exclusive pictures of the properties. Some of the major attachments include a 200 passenger capacity fixed-wing aircraft worth Rs 80 crore, five vessels worth Rs 1,206 crore, four oil rigs worth Rs 580 crore. This action comes after hectic negotiations done by the ED with foreign authorities. ED has been able to convince the authorities about the dual criminality in the case.
The 4 Oil Rigs and Oil field namely OML 143 is 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 next step includes approaching an appellate authority. In all likelihood, the attachment would be permanent in nature leaving no room for the Sandesara brothers to appeal.
ED probe has revealed that total outstanding dues to banks are over Rs 13,371 crore rupees. The total fraud stands at over Rs 8000 crore. Through 249 shell companies, the bank loan was diverted abroad. Sandesaras are also accused of diverting Rs 249 crore for personal use. Incorporating over 100 companies in the British Virgin Islands, Nigeria, Barbados and diverting the money.
This attachment is in addition to the attachment of assets worth Rs. 4730 Cr 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.
Here are the pictures accessed by Republic:
The multi-engine aircraft worth 80 crores
The ship used by Sandesara brothers
Sterling exploration and energy productions, Nigeria worth Rs 7239 crore
British oil & gas exploration Limited in Nigeria worth 580 crores