ED attaches assets worth Rs 1.17 cr of Delhi businessman

THE Enforcement Directorate has attached assets worth Rs 1.17 crore of Delhi businessman Gagan Dhawan in connection with its money laundering probe into loan defaults of more than Rs 5,000 crore by the Sterling Group of companies. The agency has also filed prosecution complaint (chargesheet) against him.

“Following investigations in the Rs 5,000 crore money laundering case of the Sterling Biotech Group, the ED has provisionally attached a plot owned by Gagan Dhawan in DLF Phase III, Gurgaon, to the extent of Rs 1.17 crore. Gagan Dhawan reportedly facilitated Nitin Sandesara and Chetan Sandesara (owners of Sterling Group) in diversion and misuse of bank loans obtained by their companies from various public sector banks on the basis of forged and fabricated documents,” an ED statement said.

According to the ED, Gagan Dhawan purchased a plot in DLF Phase III, Gurgaon, as loan from PMT Machines Ltd (a Sterling Group company). The money for the purchase, the ED alleged, was sourced from the funds obtained from a public sector bank.

“The said funds were routed to him by Chetan Sandesara through a benami company, Solpuri Furnishing Pvt Ltd, incorporated on the instructions of Chetan Sandesara and Gagan Dhawan. The modus operandi was to rotate the funds through several bank accounts of the Sandesara Group of companies and then use the bank account of Solpuri Furnishing Pvt. Ltd to layer the said funds. Ultimately the same was used for purchasing a property in Gurgaon,” ED statement said.

The agency alleged that Dhawan used pre-signed blank cheques of Solpuri Furnishing Pvt Ltd signed by the company’s “paper directors” to divert funds received from Sandesara Group to his own bank account and for purchasing property.

The ED case is based on a CBI FIR against Nitin Sandesara and Chetan Sandesara, the directors and promoters of Sterling Group, and others. The CBI has charged the accused with obtaining loans fraudulently from various public sector banks and subsequently diverting and misusing such loans for personal use.

“The ED is also probing money laundering in the case regarding bribing of Income Tax officials by the Sandesaras and the role of Gagan Dhawan in facilitating it. The role of over 300 benami entities… is also the scanner,” ED statement said.