ED seeks to attach oil assets of Sterling Biotech promoters in Nigeria

Taking a step forward in the Sterling Biotech case, the Enforcement Directorate (ED) has sought a Letter of Request from its special court to attach the oil assets of the promoters in Nigeria. Earlier in June, the agency had issued a provisional attachment order for these apart from other overseas assets. “The Letter of Request will then be submitted to the competent court of Nigeria,” said a source. A Letter of request is required to attach overseas assets.

The ED in June attached properties worth Rs 9,778 crore of Sterling Biotech and related to the promoters Nitin Sandesara, Chetan Sandesara, and Deepti Sandesara who are absconding and have left the country. The agency is also looking for Hitesh Patel, brother of Nitin and Chetan. An extradition process has been initiated against the accused.

The Nigerian oil assets of the Sandesaras include four oil rigs and an oil field named OML143.