In a first, the Enforcement Directorate attached oil rigs and other oil installations outside the country after issuing a provisional attachment order against Sandesara group of companies on Wednesday. The agency attached the group’s assets worth over Rs 9,700 crore in Nigeria, including four oil rigs, an oil field, ships and aircraft.
With this order, the total attachment against Sandesara group has exceeded Rs 14,500 crore. Last year, the ED had attached over Rs 4,700 crore of assets belonging to group company Sterling Biotech Ltd and its subsidiaries. Its promoters Chetan Sandesara and Nitin Sandesara are suspected to be in Nigeria.
“The attached properties include four oil rigs and oil field namely OML 143, located in Nigeria, in the name of Sterling Energy Exploration Pvt Co Ltd, Nigeria; ships Tulja Bhawani, Varinda, Bhavya, Brahmani etc registered in Panama and held in the name of Atlantic Blue Water Services; an aircraft Gulfstream 200 registered in the US and in the name of SAIB LLC; besides a residential flat in London,” the ED said. The companies were associated with Sterling Biotech Ltd, the agency claimed in its attachment order.
The attachment of assets worth Rs 4,730 crore made in 2018 was confirmed by the adjudicating authority of the Prevention of Money Laundering Act (PMLA), giving possession of the properties to the ED. The agency had registered a case under PMLA against the Sterling Biotech group in 2017 on the basis of a CBI case of bank loan fraud of Rs 5,383 crore.
Source: Times of India