“Loans to the tune of Rs 57 billion was disbursed by various banks
during the years 2004-2012. Look Out Circulars (LOCs) were opened against the accused in August, 2017.
“During the course of investigation, three persons were arrested, one of them Gagan Dhawan, who was close to the power centre when the loans were sanctioned," the ED said in a statement.
It added that the agency has already attached properties worth Rs47 billion and is looking for "more properties and trails for the proceeds of crime" in this case.
The ED and the CBI have booked the company, its directors — the Sandesara brothers, Dipti Chetan Sandesara, Rajbhushan Omprakash Dixit, Vilas Joshi, chartered accountant Hemant Hathi, former director Andhra Bank Anup Garg and some unidentified people in connection with the alleged bank fraud case.
It is alleged that the company took loans of over Rs 50 billion from a consortium led by Andhra Bank, which had turned into non-performing assets.
As per the FIR, the total pending dues of the group of companies were Rs 53.83 billion as on December 31, 2016. The ED has taken cognisance of this FIR to file its PMLA case.