Court takes notice of indictment against Avantha group promoter, Real Estate News, ET RealEstate

NEW DELHI: A Delhi court learned on Saturday of an indictment drawn up by the Directorate of Enforcement (ED) against the businessman and promoter of Avantha Group of Companies Gautam Thapar and 20 others in connection with a 500 crore rupee money laundering case.

Special Judge Sanjeev Aggarwal summoned the defendants and the companies on five dates from October 20 to November 30, noting that the presence of so many defendants and their counsel on one date may not be conducive to compliance. of Covid SOPs.

“I take note of the offense because there are sufficient grounds to prosecute the defendants indicted in this complaint,” said the judge.

The final report, filed by ED’s special prosecutor NK Matta, alleged that the defendant committed breach of trust, cheating, criminal conspiracy and forgery for embezzlement and embezzlement of public funds from 2017 to 2019 and caused losses of Rs 466.51 crore to YES Bank.

Thapar, 60, was arrested under the Money Laundering Prevention Act (PMLA) on August 3 after the agency raided him and his related businesses in Delhi and Mumbai.

He is currently in judicial custody.

The ED was investigating an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor, and his wife, who are already the subject of a PMLA investigation by the agency.

The money laundering file was filed by the ED after learning of an FIR filed by the Central Bureau of Investigation (CBI).

The FIR filed by the CBI alleged that Rana Kapoor, then managing director and CEO of Yes Bank Limited, had obtained an illegal gratuity in the form of a property in a prime location in Delhi, at a price well below the realizable market value , owned by Avantha Reality Ltd. for the sanctioning of a loan to ARL and for the extension of concessions, relaxations and waivers of already existing credit facilities granted to companies of the Avantha group and to grant them new and additional loans.

Last year, the CBI booked Kapoor and his wife Bindu for allegedly getting a bribe of Rs 307 crore by buying a bungalow in an upscale Delhi area from a real estate company at half the price of market and facilitated bank loans of around Rs 1,900 crore. in return.

CBI suspected that the discounted transaction for the 1.2 acre bungalow on Amrita Shergill Marg in Delhi was a gratuity for Kapoor via the company Bliss Abode Pvt Ltd in exchange for the non-realization of more than 1,900 crore rupees in loans from Yes Bank to Avantha Realty and group companies.

In June 2021, the CBI engaged Thapar and others in a new rupee 2,435 crore fraud case at the State Bank of India (SBI) and other banks to investigate a suspected fraud case at CG Power and Industrial Solutions.


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