Yash sandesara

Nitin sandesara net worth
The Sandesara brothers, Gujarati businessmen who left India in 2017, deny cheating their lenders and say they are victims of political persecution.
Chetan J Sandesara is the Joint Managing Director of Sterling Biotech Ltd..

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The financial pyramid of the Sandesara Indians in Tirana

The Indian brothers, sought worldwide for money laundering, have brought to Albania, besides their family and associates, the business scheme they have used in India and Nigeria. In the last five years, they have established a number of companies, through which it is suspected they continue the money laundering activity.

Author: Zylyftar Bregu

On Wednesday, August 23, 2023, at the office of notary J. Zh. in the former Block area of Tirana, one after the other entered Devak Patel and then Chetankumar Sandesara. The two men sought the drafting of a loan agreement, according to which Devak lent Chetankumar a total of 300 thousand euros. The notary may not have known, as one of them had an Albanian passport, that the individuals he was facing were none other than members of a large Indian family. Devak is a nephew in Chetankumar’s family, who, along with his brother Nitin, are accused in their country of origin, India, of stealing and laundering $725 million.

The content of the contract meets the circumstances that

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Sandesara brothers, fighting fraud charges in India, are flourishing in Nigeria

At a ceremony in November, the Nigerian government celebrated the discovery of as many as 1 billion barrels of oil in the country’s arid northeast, almost 1,000 kilometers (621 miles) away from the crude-rich Niger Delta.

The state’s partners in the multi-billion dollar project in the impoverished, landlocked corner of the country is a company founded by two brothers from India. The siblings have built the largest independent oil company in Africa’s biggest crude producing nation even as India pursues them as criminals — accusing them of perpetrating “one of the largest economic scams in the country.”

Now, as newly elected President Bola Tinubusets ambitious targets for Nigeria’s hydrocarbons sector, companies created by the brothers, Nitin and Chetan Sandesara, seem poised for an increasingly prominent role — especially as international oil giants such Shell Plc and ExxonMobil Corp. retreat from the West African country.

“This discovery will provide a multiplicity of opportunity and great prosperi

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How fugitive Sandesaras getting Sterling Biotech back at discount pokes holes in IBC process

Under the legislation, “defaulting” promoters were to be kept from regaining control of the entity, with “Section 29A” added to the IBC last year expressly for this purpose.

But according to experts, the Sandesara order seems to suggest a loosening of the definition, leaving an opening for defaulting promoters to get their companies back but also throwing open several questions.

Also Read:From private jets & starry parties to hiding in Nigeria: The giant fall of the Sandesaras

What happened

The brothers, who have fled India, face an Enforcement Directorate (ED) probe for alleged money laundering and a CBI investigation.

The Sandesaras-owned Sterling Group is accused of defaulting on and diverting loans to the tune of Rs 15,000 crore taken from several lenders — making their dues much higher than those of another high-profile fugitive, the diamantaire Nirav Modi.

Of this, a sum of over Rs 9,000 croreis owedby Sterling Biotech, a group company, to a consortium led by An