A court here on Thursday granted bail to businessman Gagan Dhawan, arrested in connection with an over Rs 5,000 crore bank fraud case.

Additional Sessions Judge Sidharth Sharma granted bail to Dhawan, asking him to furnish a personal bond of Rs 2 lakh and two sureties of like amount each.

Enforcement Directorate had opposed the bail plea.

Dhawan was arrested from his south Delhi residence on November 1, 2017 under the Prevention of Money Laundering Act in a case involving fraud of over Rs 5,000 crore by Sandesara Group.

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, and Vilas Joshi and several others in connection with the bank fraud case.