Rs 5,000 cr bank fraud: Nitin Sandesara, family may have fled to Nigeria
NEW DELHI: A month after reports suggested that Nitin Sandesara, owner of Gujarat-based Sterling Biotech and wanted by the CBI and the ED in a Rs 5,000 crore bank fraud, was detained in Dubai, it has now emerged that he is not in the UAE and could have fled to Nigeria.
According to top sources in the two agencies, Sandesara and other family members including brother Chetan Sandesara and sister-in-law Diptiben Sandesara were believed to be hiding in Nigeria. India doesn’t have an extradition treaty or a Mutual Legal Assistance Treaty with Nigeria and bringing them back from the African country would be difficult, sources said.
An officer, who didn’t wish to be named, said, “There were reports that Nitin Sandesara was detained by UAE authorities in Dubai in the second week of August. It was incorrect information. He was never detained in Dubai. He and other family members probably left for Nigeria much before that.”
However, the investigation agencies are planning to send a request to UAE authorities asking them to “provisionally arrest” the Sandesaras if they are seen there. Efforts are also on get Interpol red corner notices issued against the Sandesaras. It is not known if the Sandesaras travelled to Nigeria on Indian passports or some other country’s document.
The CBI and the ED have booked Vadodara-based Sterling Biotech+ , its directors Nitin, Chetan and Dipti Sandesara, Rajbhushan Omprakash Dixit, Vilas Joshi, chartered accountant Hemant Hathi, former Andhra Bank director Anup Garg and unidentified persons for cheating banks of Rs 5,000 crore.
The ED arrested Delhi-based businessman Gagan Dhawan and Garg and attached assets worth Rs 4,700 crore of the pharmaceutical firm in June. However, officials said bringing the Sandesaras back to India to face criminal trial was important as they had diverted huge amounts of money abroad.
It is alleged that the Sandesaras set up more than 300 shell and benami companies in India and abroad which were used to divert loans. Officials said the modus operandi for money laundering used by the Sandesaras involved formation of shell/benami companies, manipulating balance sheets, inflating turnover and insider shares trading. These firms were controlled by the Sandesaras through dummy directors, who were or are employees of various companies of the Sterling group. Bogus sales/purchases were shown between the benami companies and the Sterling group firms to divert loans and inflate turnover to obtain further loans from banks.
Courtesy: timesofindia
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Karnataka offers extensive incentives in its proposed IT policy
Bengaluru (PTI): Karnataka has proposed a new Information Technology Policy for 2025–2030, offering extensive financial and non-financial incentives aimed at accelerating investments, strengthening innovation and expanding the state's tech footprint beyond Bengaluru.
The Karnataka Cabinet gave its nod to the policy 2025–2030 with an outlay of Rs 445.50 crore on Thursday after the Finance Department accorded its approval.
The policy introduces 16 incentives across five enabler categories, nine of which are entirely new, with a distinctive push to support companies setting up or expanding in emerging cities.
Alongside financial support, the government is also offering labour-law relaxations, round-the-clock operational permissions and industry-ready human capital programmes to make Karnataka a globally competitive 'AI-native' destination.
According to the policy, units located outside Bengaluru will gain access to a wide suite of benefits, including research and development and IP creation incentives, internship reimbursements, talent relocation support and recruitment assistance.
The benefits also include EPF reimbursement, faculty development support, rental assistance, certification subsidies, electricity tariff rebates, property tax reimbursement, telecom infrastructure support, and assistance for events and conferences.
Bengaluru Urban will receive a focused set of six research and development and talent-oriented incentives, while Indian Global Capability Centres (GCCs) operating in the state will be brought under the incentive net.
Incentive caps and eligibility thresholds have been raised, and the policy prioritises growth-focused investments for both new and expanding units.
Beyond incentives, the government focuses on infrastructure and innovation interventions.
A flagship proposal in the policy is the creation of Techniverse -- integrated, technology-enabled enclaves developed through a public-private partnership model inside future Global Innovation Districts.
These campuses will offer plug-and-play facilities, artificial intelligence and machine learning and cybersecurity labs, advanced testbeds, experience centres, and disaster-resistant command centres.
There will also be a Statewide Digital Hub Grid and a Global Test Bed Infrastructure Network, linking public and private research and development, and innovation facilities across Karnataka.
The government has proposed a Women Global Tech Missions Fellowship for 1,000 mid-career women technologists, an IT Talent Return Programme to absorb experienced professionals returning from abroad, and broad-based skill and faculty development reimbursements.
Shared corporate transport routes in Bengaluru and tier-two cities will be designed with Bengaluru Metropolitan Transport Corporation and other transport entities to support worker mobility.
The government said the policy is the outcome of an extensive research and consultation process involving TCS, Infosys, Wipro, IBM, HCL, Tech Mahindra, Cognizant, HP, Google, Accenture and NASSCOM, along with sector experts and stakeholder groups.
It estimates an outlay of Rs 967.12 crore over five years, comprising Rs 754.62 crore for incentives and Rs 212.50 crore for interventions such as Techniverse campuses, digital grid development, global outreach missions and talent programmes.
