A court here on Thursday extended, till December 6, the judicial custody of businessman Gagan Dhawan, arrested in connection with an over Rs 5,000 crore bank fraud and money laundering case.
Additional Sessions Judge Sidharth Sharma extended the judicial custody of Dhawan after he was presented before him.
Dhawan was arrested on November 1 from his south Delhi residence under the Prevention of Money Laundering Act in a case involving the fraud by Sandesara Group. 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 bank loan frauds related to Vadodara-based Sterling Biotech company.
The ED had registered a case of money laundering following a case registered by the Central Bureau of Investigation 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 bank fraud case.
--IANS
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