While the investigation agencies were busy probing criminal cases against Sterling Biotech Director Nitin Sandesara and his group in 2017, Sandesara was busy collecting character certificates from Nigerian banks so to expand his oil business in the British Virgin Island.
In a reference letter to Fidelity Corporate Service Ltd, the Union Bank of Nigeria Plc stated that Nitin Sandesara was a financially reliable person with a good moral standing. Such letters were used by Sandesara to set up at least half a dozen companies in the BVI with an intention to invest in oil and gas firms in France, Nigeria, UK, UAE, and India.
As per the records, Nitin Sandesara is the sole beneficial owner of these firms which as per him are invested under his “savings”.
Sandesara set up two firms on the same day, March 16, 2018 – Constant Capital and Prime Finance, holding shares of 50,000 of one dollar each. And interestingly, both these firms planned to do business in India among other countries.
The Corporate service providing agency, Fidelity Corporate Services, repeatedly asked Sandesara to provide a police clearance certificate from India while incorporating constant capital and prime finance. Sandesara failed to submit this and instead transferred Constant Capital and Prime Finance from Fidelity Corporate to another corporate services provider Sable Trust Ltd in the BVI in April 2018.
Surprisingly, all the firms set up by Sandesara between November 2017 and April 2018 have escaped investigation by both the Enforcement Directorate(ED) and the Central Bureau of Investigation that are probing the Sterling Group.
Sandesara and his family fled India in 2017 after their business came under the radar and in September 2020, India declared Nitin and Chetan Sandesara and Dipti Sandesara as economic offenders.
ED had also questioned former Congress leader Ahmed Patel in connection with the case against Sandesaras based on a witness’ statement who claimed that he arranged parties for Patel’s son on instruction from the Sandesaras who paid for it.
Presently, the Sandesaras are reportedly in Albania where they are said to have taken citizenship.