ALSO READED arrests businessman in bank fraud case involving Guj firm Bizman sent to 14-day judicial custody in bank fraud case Court sends bizman held in bank fraud case to 7-day ED custody Don't let shark run away for catching small fish: Court to ED Businessman Gagan Dhawan sent to ED remand in bank fraud case
A Delhi court today issued open ended non-bailable warrants against two directors of a Gujarat pharma firm in a Rs 5,000 crore money laundering probe case. Additional Sessions Judge Sidharth Sharma issued warrants against directors Nitin and Chetan Sandesara in a case in which Delhi-based businessman Gagan Dhawan was yesterday sent to two-day custody of Enforcement Directorate by the Supreme Court. Advocate Nitesh Rana told the trial court that Chetan was likely to have left the country while pressing for issuance of warrants. 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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)