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ED Records Statements From Actor Dino Morea, DJ Aqeel, Health News, ET HealthWorld

By on March 23, 2021 0
New Delhi: Execution Directorate recorded Bollywood actor’s statements Dino Morea and DJ Aqeel in connection with the Sterling Biotech alleged bank fraud money laundering case, officials said on Wednesday. They said the two had been toasted over several sessions over the past few days and their statements were recorded as part of the prevention of Money Laundering Law (PMLA).

It is understood that Morea has been asked to re-file next week.

The actor and the famous disc jockey (DJ) were asked to join the Directorate of Execution (ED) investigation last month after the agency obtained evidence that the two had been paid by the Gujarat-based pharmaceutical group in the past.

Officials said the payments relate to a period between 2011 and 2012, when the two allegedly attended certain events hosted by the Sandesara brothers, the group’s promoters and owners, in Delhi and some fees amounted to a few. lakhs. were paid to them from funds that the agency considers the “proceeds of crime” of bank fraud.

While Morea, also a model, has worked in a number of Hindi films, Aqeel is a popular DJ. The two could not be contacted for comment.

The total volume of bank fraud in this case is believed to be around Rs 14,500 crore and it is a bigger scam than the PNB fraud, officials said.

The PNB fraud was allegedly perpetrated by diamond duo Nirav Modi and Mehul Choksi, along with others, and it came to light last year.

The total amount of the fraud fixed in the PNB case is around Rs 13,400 crore.

The ED had previously set the Sterling Biotech fraud case at around Rs.8,100 crore.

The agency suspects that a modus operandi similar to that used in the PNB scam, which included issuing bogus letters of commitment from banks, also took place in the case, they said.

The ED has already carried one of its biggest PMLA attachments and frozen assets worth over Rs 14,000 crore of the group in India and abroad including oil rigs in Nigeria and ships registered in Panama.

The alleged bank loan fraud was allegedly perpetrated by the Vadodara-based pharmaceutical company and its main promoters Nitin Sandesara, Chetan Sandesara and DeeSandesara, who are all on the run.

The Sandesaras are also under investigation for their alleged connection to certain high-level politicians by the ED as well as the CBI and the Income Tax Department under the criminal sections which respectively deal with corruption and tax evasion.

“The main promoters (of the Sterling group) have not only embezzled loan funds to finance their Nigerian oil business but also for their personal needs,” the agency said.

He said loan funds were “misappropriated for unauthorized purposes, layered and laundered across a network of multiple national and offshore entities.”

“Investigations revealed that the group was engaged in back and forth of stand-by letters of credit (SBLC) funds to the tune of Rs.4,500 crore by violating conditions set by the RBI while sanctioning the loan,” said the ED.

It is alleged that the company took loans in excess of Rs 5,383 crore from a national consortium led by Andhra Bank, which had turned into non-performing assets.

The agency accused the “promoters (Sandesaras) of setting up 249 national shell companies and 96 offshore companies” to carry out the alleged bank loan scam.

The ED registered a criminal case in the alleged fraud case based on a CBI FIR and indictment.

The promoters of the company, also believed to be the main conspirators of bank fraud aside from their bank employees and executives, are on the run and are believed to be based in Nigeria from where India is trying to extradite them.

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