Business Standard

Delhi businessman sent to judicial custody in money laundering case

IANS  |  New Delhi 

A here on Thursday sent businessman Gagan Dhawan, arrested on money laundering charges in an over Rs 5,000 crore fraud, to 14-day judicial custody.

Additional Sessions Judge Sidharth Sharma rejected the Enforcement Directorate's plea for extension of ED custody of Dhawan on the ground that he is required to be confronted with documents.

He was presented in the on the expiry of his earlier two-day ED custody.

Dhawan was arrested from his south residence under the Prevention of Money Laundering Act in a case involving of over Rs 5,000 crore by the Sandesara Group on November 1.

The ED alleged that he was involved in diverting the amount to purchase properties and other shell companies.

According to ED officials, Dhawan allegedly aided loan frauds related to the Vadodara-based Sterling Biotech company.

The ED had registered a case of money laundering following the Central Bureau of Investigation (CBI) case against Sterling Biotech, its Directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara, Vilas Joshi and several others in connection with the case.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 09 2017. 18:24 IST
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