Money laundering case: ED attaches Delhi businessman Gagan Dhawan's asset

The ED said it found the asset involved in money laundering and purchased out of the proceeds of crime of the alleged defraud of bank loans in this case.

Published: 23rd December 2017 03:22 PM  |   Last Updated: 23rd December 2017 03:43 PM   |  A+A-

A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. (Photo | Reuters)

For representational purposes (File | Reuters)


NEW DELHI: The Enforcement Directorate (ED) today attached a plot worth Rs 1. 17 crore in connection with its probe against Delhi-based businessman Gagan Dhawan in a Rs 5,000 crore money laundering case involving a Gujarat-based pharma company.

The agency said it has issued a provisional order, under the sections of the Prevention of Money Laundering Act (PMLA), attaching 336 sq mtrs of a plot located in DLF city phase-III in Gurgaon, near here.

The ED said it found the asset involved in money laundering and purchased out of the proceeds of crime of the alleged defraud of bank loans in this case.

"The facts of the case reveal that the said amount involved in money laundering was layered through various inter-bank transfers and thereafter integrated and then utilised by the afore-cited person (Dhawan) to acquire the said immovable property and rights therein attempting to show the same as untainted property which is likely to be concealed, transferred or dealt with in a manner which may frustrate the proceedings under the Act (PMLA)," it said.

The agency had arrested Dhawan on November 1 on these charges and he is also under the scanner of the ED for his alleged links with some top politicians.

The ED had alleged that Dhawan had facilitated the directors of Gujarat-based pharma firm Sterling Biotech Ltd (SBL) in the purchase of several properties and helped in misuse and diversion of the credit facilities of several bank totalling Rs 5,000 crore.

"Rs 1.5 crore was received by the accused from the SBL group. Prior to that, the amount of bank loans was rotated in various group companies of SBL group," the ED had claimed.

The trial court had on November 14 issued non-bailable warrants against two other persons -- SBL directors Nitin and Chetan Sandesara.

The agency had told the court that Sandesara might have left the country.

The firm and Dhawan were also being probed by the ED for allegedly bribing senior Income Tax department officials in an earlier criminal complaint.

The CBI had 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 some unidentified persons in connection with the alleged bank fraud case.

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

The FIR had also 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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