Gautam ThaparThe promoter of Avanta Group was arrested by the Enforcement Directorate in an alleged money laundering case. Thapar was arrested by the authorities under the Prevention of Money Laundering Act (PMLA) on August 3 following raids conducted by the ED in Mumbai and Delhi. He is expected to be produced in a court on Wednesday where the ED will seek Thapar’s custody, the report said.
Thapar’s arrest stems from an issue that goes back to 2017 when he allegedly obtained a loan of Rs 515 crore. Yes Bank. This loan then defaulted in 2019. Further, the Central Bureau of Investigation (CBI) had registered a case against Avanta Realty Ltd, Thapar and others for allegedly defrauding the bank to the tune of Rs 466.51 crore between 2017 and 2019.
In an earlier case, the CBI had alleged that Rana Kapoor The alleged bribes received by Kapoor turned a blind eye to loans and defaults by Thapar’s companies. There was a default of Rs 2,435 crore in the said case. According to a report by Moneylife, State Bank of India (SBI) gave 12.8 per cent and Yes Bank 11.75 per cent.
An Economic Times report said that in the incidents leading to the businessman’s arrest over the alleged fraud, the ED had earlier initiated probe against Thapar and others on the basis of an FIR registered by the CBI for defrauding Yes Bank. The CBI had then booked Thapar and top brass directors and promoters as well as other unidentified persons of private companies and bank officials for the alleged loss of Rs 446.51 crore to Yes Bank.
Additionally, it was alleged that Thapar was declared a ‘Red Flagged Account’ on March 6, 2020 on the basis of Early Warning Signal (EWS). According to the CBI FIR, it was alleged that the company and its holding company committed acts of forgery with the directors, promoters and others for breach of trust, alleged fraud, criminal conspiracy and diversion/misuse of public money. Mentioned in the 2017-2019 ET report. It was this alleged malpractice that caused a loss of Rs 466.51 crore to Yes Bank.
In a statement reported by PTI, the ED was quoted as saying, “The (CBI) FIR alleges that Rana Kapoor, the then MD and CEO of Yes Bank Ltd. Illegal satisfaction received in The sanction of loans to ARL and the granting of concessions, rebates and rebates in the existing credit facilities provided to the Avantha Group companies and for grant of new and additional loans to them by YES BANK LTD much less than the realizable market value belonging to Avantha Reality Ltd. “
The ED is also reportedly probing transactions between Avanta Realty Company and Rana Kapoor and his wife. The couple is already believed to be under the microscope under PMLA by the same agency.
Avanta Realty, Oyster Buildwell Pvt Ltd, Raghubir Kumar Sharma, Rajendra Kumar Mangal and Taapsee Mahajan are unknown officials of Jhabua Power Investment Ltd, Jhabua Power Ltd, Avanta Holdings Ltd and Avanta Power and Infrastructure Ltd.
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