Sterling Biotech: Ahmed Patel's son to be quizzed by ED
IANS 29 August 2019
Senior Congress leader Ahmed Patel's son Faisal Patel reached the Enforcement Directorate office for questioning here on Thursday in the alleged case of multi-crore bank fraud and money-laundering by the Gujarat-based Sterling Biotech.
 
On Wednesday, the ED had summoned Congress Treasurer Ahmed Patel's son Faisal in its probe in the case. Patel will be questioned for his purported links with the Sandesara brothers (Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara), the owners and promoters of the Vadodara-based pharmaceutical firm and his statement recorded under the sections of the money laundering act.
 
On July 30, the financial probe agency had also grilled Ahmed Patel's son-in-law and advocate Irfan Siddiqui in connection with the probe. According to ED officials, Sunil Yadav, an employee of the Sandesara group, has alleged that Siddiqui and Faisal Patel were allegedly given code names by Chetan Sandesara.
 
"Chetan and Gagan referred to Siddiqui as Irfan Bhai. Irfan's code name was 'i2' and Faisal was given code name 'i1'," Yadav had said in his statement to the agency. He also said that Faisal Patel used to take his friends to Puspanjali Farms to party and all the expenses were borne by Chetan Sandesara.
 
The ED registered a money laundering case against the Sandesara brothers and others in August 2017 after a case of alleged bank fraud of Rs 5,700 crore was filed against them by the Central Bureau of Investigation (CBI).
 
Investigation by the ED revealed that the Sandesara brothers and others hatched a criminal conspiracy to cheat banks by manipulating figures in the balance sheets of their flagship companies to induce banks to sanction higher loans.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
Ramesh Poapt
2 years ago
2 may be nominees of central head !
Anand
2 years ago
Really half of black money is distributed within India and sent outside by these people. 80% politicians and backed up by educated people like lawyers and charted accountants
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