Thread by @maheshperi

Hmm. So, the IT department has filed a case against one of the most dubious Gujarati Business family - Sandesaras. It is just that it came a bit too late after they were allowed to fly away in 2017.

1. What the tax department found - about 50 undisclosed foreign bank accounts and several assets in the US, Panama, British Virgin Islands, Barbados, UAE, Nigeria, and the Seychelles - after it was reported by Moneylife and @suchetadalal many times.

2. Sterling Biotech, A Gujarat based company promoted by Sandesaras owes Rs15,600 crore to Indian Banks. The loans turned bad. In 2017, the entire family leaves India. They are now absconders from the Indian legal system.

3. Albania and Nigeria give them citizenship. Albania also makes them an honorary consul. Nigeria gives them clean papers so that they can float many companies.

4. The bad loans reach insolvency proceedings where banks agree to a one time settlement (OTS) at 3100 Crores. That is 80% write off for banks.

5. The OTS money was supposed to be paid by March 2020. Initially, they pay only 181 Crores.
6. Now, citing Covid, they want an extension to pay the balance amount to December 2021.

7. They have extensive business interests across Albania, Nigeria, USA and across the globe through close to 100 companies. They don't disclose the source of funds for the OTS and in an online video call say the repayment money is 'not fruit of crime'.
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8. In Sep 2020, courts declared Sandesaras as fugitives. However, IOC, an Indian PSU, continues importing oil from Sterling Oil, a group company based in Nigeria. IOC paid close to Rs.5000 crores to SEEPCO, while they continued to default to PSU Banks.

9. And here is the catch. They argue against repatriation to India by citing 'Religious Persecution' in India. That may be the first time a Gujarati Hindu family is claiming Religious persecution.

10. The banks favoured them. The CBI used them. Another defaulter flew away under our chowkidar's watch. Sterling Biotech is the saga of most defaulting Gujarati Businessmen, Indian PSU's and Indian PSU banking too.

END.