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Money laundering probe: ED arrests Delhi businessman Gagan Dhawan in connection with Rs 5,000cr bank fraud case

The Delhi businessman will be produced before a court for further custody.

Edited by: India TV News Desk, New Delhi [ Updated: November 01, 2017 14:08 IST ]
Picture for representational purpose.
Picture for representational purpose.

The Enforcement Directorate on Wednesday arrested Delhi businessman Gagan Dhawan in connection with Rs 5,000 crore money laundering probe case against Gujarat-based pharma firm and few other hawala deals, officials said.

Official sources said the central probe agency arrested Gagan Dhawan on Wednesday morning from the national capital under sections of the Prevention of Money Laundering Act (PMLA).

The Delhi businessman will be produced before a court for further custody.

According to police, Dhawan was on the radar of the agency for allegedly aiding bank loan frauds related to Sterling Biotech, the Vadodara-based company and few other similar alleged illegal transactions.

 The firm and Dhawan are also being probed by the Enforcement Directorate for allegedly bribing senior income tax department officials as part of an earlier criminal complaint.

The agency had carried out searches against Dhawan and a former Congress MLA in Delhi in August.

The CBI had recently booked Sterling Biotech, its Directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi, Chartered Accountant Hemant Hathi, former Director Andhra Bank Anup Garg and other unidentified persons in connection with the alleged bank fraud case.

The CBI has alleged that the company had taken loans of over Rs 5,000 crore from a consortium led by Andhra Bank which have turned into non-performing assets.

The FIR has alleged that the total pending dues of the group companies were Rs 5,383 crore as on December 31, 2016.

The ED had taken a cognisance of this FIR to file a money laundering case against them.

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