Avantha Group promoter Gautam Thapar arrested by ED in money laundering case

Thapar was arrested under provisions of the Prevention of Money Laundering Act (PMLA), in connection with an alleged property transaction between Avantha Realty and YES Bank co-founder Rana Kapoor and wife.

Avantha Group promoter Gautham Thapar was arrested by Enforcement Directorate (ED) on Wednesday in connection with a money laundering case, ANI reported.

Thapar was arrested under provisions of the Prevention of Money Laundering Act (PMLA), in connection with an alleged property transaction between Avantha Realty and YES Bank co-founder Rana Kapoor and wife, officials told ANI.

“The (CBI) FIR alleges that Rana Kapoor, then MD and CEO of Yes Bank Limited, obtained illegal gratification in the form of a property in a prime location in Delhi at much less than the realizable market value belonging to Avantha Realty Ltd for sanction of a loan to ARL and for extending concessions, relaxations, and waivers in the already existing credit facilities provided to Avantha Group companies and for advancing new and additional loans to them by Yes Bank Ltd,” the ED had told PTI earlier.

He will be produced before the court on Wednesday where the ED will seek his arrest, officials added.

According to ANI, the ED had registered a case against Thapar and promoters of two private companies based in Delhi and Gurugram for causing an alleged loss of Rs. 467 crores to YES Bank.

A consortium of 11 banks including State Bank of India and YES Bank had filed a complaint against Thapar for his role in a loan bank fraud matter. The CBI filed a first information report (FIR) following the complaint after which ED began its probe in the case.

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