Delhi Businessman Arrested In Rs 5,000 Cr Bank Fraud Case

November 01, 2017 12:53
Delhi Businessman Arrested In Rs 5,000 Cr Bank Fraud Case

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Delhi Businessman Arrested In Rs 5,000 Cr Bank Fraud Case:- In connection with its money laundering probe in the over Rs 5,000 crore alleged bank fraud case, the ED on Wednesday arrested a businessman in Delhi. Gujarat-based pharma firm and few other hawala deals are involved in the case.

Under sections of the Prevention of Money Laundering Act (PMLA), Gagan Dhawan was arrested by the central probe agency, from the national capital, early on Wednesday, said the official sources. For further custody, Dhawan will be produced before a court. Dhawan was on the radar of the agency. He allegedly assisted bank loan frauds related to Sterling Biotech, the Vadodara-based company and few other similar alleged illegal transactions, said the sources.

The Enforcement Directorate is probing the firm and also Dhawan for allegedly bribing senior income tax department officials as part of an earlier criminal complaint. To be recalled, in August, searches against Dhawan and a former Congress MLA in Delhi were carried out by the agency.

In connection with the alleged bank fraud case, the 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 have been recently booked by the CBI.

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, alleged the CBI. As on December 31, 2016, the total pending dues of the group companies were Rs 5,383 crore, alleged the FIR. To file a money laundering case against them, the ED had taken a cognisance of this FIR.


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