A court here on Tuesday extended the Enforcement Directorate's custody of businessman Gagan Dhawan, arrested in connection with an over Rs 5,000 crore bank fraud case, by two days.
Additional Sessions Judge Sidharth Sharma extended the custody when Dhawan was presented before the court on expiry of his earlier seven-day ED custody.
The probe agency sought the extension of custody on the grounds that the accused is required to be confronted with documents.
Dhawan was arrested from his south Delhi residence under the Prevention of Money Laundering Act in a case involving fraud 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 bank loan frauds related to Vadodara-based Sterling Biotech company.
The ED had registered a case of money laundering following a case by the Central Bureau of Investigation (CBI) against Sterling Biotech, its Directors Chetan Jayantilal Sandesara, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Nitin Jayantilal Sandesara and Vilas Joshi and several others in connection with the bank fraud case.
--IANS
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