ED files an indictment against the promoter of the Avantha group, Gautam Thapar
On Friday, the Directorate of Enforcement (ED) filed an indictment against the promoter of the Avantha group, Gautam Thapar, in connection with a 500 crore rupee money laundering case.
The final report was filed with Special Judge Sanjeev Aggarwal, who submitted the case for review on October 4.
Thapar was arrested by the ED in August and is in judicial custody.
The court, meanwhile, adjourned the bail application, filed by attorney Vijay Aggarwal and Karanjawala & Co, to October 7 for further arguments.
The request claimed that the accused was no longer required for questioning in custody and that it would be pointless to keep him in detention.
He claimed that there was no possibility for the accused to temper the evidence or influence the witnesses.
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.
ED was investigating an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor, and his wife Bina, which are already under 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 alleged that Kapoor, then Managing Director and CEO of Yes Bank, obtained an illegal gratuity in the form of property in a prime location in Delhi at a price well below the realizable market value owned by Avantha Reality Ltd for sanction of a loan to ARL, and 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 by Yes Bank Ltd.
Last year, the CBI booked Kapoor and his wife Bindu for allegedly obtaining a bribe of Rs 307 crore by buying a bungalow in a tony area of ââDelhi 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.
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)