Sterling Biotech Case: Court asks ED reply on Gagan Dhawan bail plea
New Delhi: A city court sought the response from the Enforcement Directorate on an application filed by Delhi-based businessman Gagan Dhawan seeking bail in a Rs 5,000-crore money laundering case.
Additional Sessions Judge Sidharth Sharma directed the agency to file its reply by November 29 when it will hear the matter.
In his application, the accused, who is currently in the judicial custody, sought the relief saying he was not required for further investigation and no purpose will be served by keeping him in custody.
Dhawan, arrested on November 1, was sent to custody on November 15 by the court after Rana had said he was not needed for further custodial interrogation.
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 banks totaling Rs 5,000 crore.
"Rs 1.5 crore was received by the accused from SBL group. Prior to that, the amount of bank loans was rotated in various group companies of SBL group," according to the agency.
The lower court had on November 14 issued non-bailable warrants against two other persons -- SBL directors Nitin and Chetan Sandesara. The agency told the court that Chetan may have left the country.
Read also: Non-bailable warrants issued against Sterling Biotech directors in Rs 5,000 crore fraud case
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