Gujarat businessman held in Dubai for ₹5,300 crore fraud

Nitin Sandesara, the promoter of Gujarat-based pharmaceutical company Sterling Biotech which is being probed for ₹5,383 crore fraud, has been arrested in Dubai. Nitin and his brother Chetan fled the country along with family members before CBI registered a case against them last year. The Sandesaras set up at least 300 shell companies to allegedly "divert and misutilise loan funds".