How Nitin Sandesara Got Away With Rs 5000 Crore Bank Loan
There was a lot of hype about the financial crisis which arose due to Vijay Mallya and Neerav Modi situation recently. Both of them ran away with a huge sum of money from India. They are still on the loose. Even after the United Kingdom government allowed the extradition of Vijay Mallya, he is still busy holidaying out there. This is because of the incompetence of Indian banks and their loan rules and regulations, which cause such inconvenience to them. Today we will introduce you to yet another person who has managed to pull off a bank loan fraud of Rs 5000 crores quite spectacularly.
The Story Of Nitin Sandesara
Nitin Jayantilal Sandesara was the owner of a Vadodara based pharma company called Sterling Biotech. Nitin Sandesara took a hefty loan of Rs 5000 crores from a bank consortium, and the assets he had mortgaged soon turned useless. He was found guilty of duping these banks, and he reportedly fled away to Dubai with his family. However, the officials denied this, and it was later reported that he was in Nigeria. Since India does not have an extradition treaty with Nigeria, it could not do much about it. Nitin Jayantilal just like the other two fraudsters is still on the loose.
How Do These Bank Frauds Affect Us?
Millionaires like Vijay Mallya, Neerav Modi, and Nitin Sandesara owe a huge amount of money from multiple banks, and their betrayal brings these banks on the brink of extinction. However, the same banks deny farmers and common men basic loans because of some missing minor documents. Banks should be more thoughtful about who they are lending their money to and what amount they are lending. In no way, I am justifying any of these fugitives’ actions, but situations like these make us feel cheated and enraged. People like Nitin Sandesara are needed to be stopped.