New Delhi: The Enforcement Directorate (ED) on Saturday attached two immovable assets worth Rs 5.4 crore of Gagan Dhawan”>Gagan Dhawan involved in money laundering in Sterling Biotech case. The properties are situated in Faridabad and Gurgaon.
Dhawan was arrested by the ED in 2017 for the offense of money laundering with respect to Rs. 5000 crore bank loan fraud. He is accused of assisting and facilitating Nitin and Chetan Sandesara, directors and promoters of the Gujarat-based pharmaceutical company Sterling Biotech group, who are also accused in the said bank loan fraud case.
The ED in its investigation has revealed that funds amounting to Rs. 5.4 crore were diverted from loan funds by Sandersaras and given to Dhawan. The latter utilized these proceeds of crime to purchase and develop the said attached properties. The ED has further found that the Sandesara brothers using a web of benami companies rotated and layered these funds before diverting to Dhawan.
The attachment comes in the wake of continuing investigations by the ED against the Sandesaras and others for hatching a criminal conspiracy, inducing banks to sanction higher loans, criminally misappropriating the loan funds, layering the same through shell companies and ultimately diverting for non-mandated purposes i.e. for personal benefits.
“It is noted that Gagan Dhawan”>Gagan Dhawan was actively involved in the offence of money laundering. Last year, the ED had also attached a plot in DLF Phase III, Gurgaon, purchased by Gagan Dhawan”>Gagan Dhawan using the funds obtained from a public sector bank as loan by PMT Machines Ltd. (a Sandesara Group Company). The said funds were routed to him by Chetan Sandesara through a benami company incorporated on the instructions of Chetan Sandesara and Gagan Dhawan”>Gagan Dhawan,” the ED said in a statement.
A Special PMLA Court in Delhi has already taken cognizance of a prosecution complaint filed before it by the ED against Dhawan last year.
The ED is also probing a money laundering case regarding bribing public officials by the Sandesaras and the role of Dhawan in facilitating the same. As of now, the ED has attached properties to the tune of Rs. 4710 crores in Sterling Biotech case.
[source_without_link]ANI[/source_without_link]