Anyone who cheats, defrauds, scams anywhere in the world, lands up in Dubai.
One by one they are getting arrested as Dubai loses yet another high profile buyer of it’s real estate.
The fraud and loss to Indian banks is estimated at INR 5,000 crores / USD 725m approx. at today’s FX rate. Some estimate the fraud to be around INR 12,000 crores which is USD 1.73bn.
The Sterling owner ran a large scale fraud by having more than 300 companies to siphon off the money abroad, according to his chargesheet.
Many directors and employees have already been arrested in India previously. The company and personal assets of the director had already been frozen in June 2018.
Even Andhra Bank director has been arrested in Jan 2018 for bribery and his role in loan approvals.
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