The saga of the Sterling Biotech fraud

The fugitive Sandesaras, the dubious promoters of the Sterling Biotech Group, which has duped banks of over Rs.8100 crores (it could be much more), and who have run away to Nigeria, which has no extradition treaty with India, where they have established a huge asset base, built by looting banks in India, has had companies and offices at British Virgin Islands, Liechenstein, Seychelles, Dubai and China and whose overseas assets have included oil rigs, offshore oil blocks and infrastructure for oil evacuation and transportation; yet in India, the company addresses of this asset loaded multinational group, were located in a chawl, a slum, in vacant buildings, as also in buildings that did not exist at all. But this is not it. The saga of this fraud has more to it. Mr. Akhilesh Bhargava, Business Editor of HW Business and Finance shares his singhts on the matter.