Avantha Group promoter Gautam Thapar was arrested under provisions of the Prevention of Money Laundering Act (PMLA) after the ED carried out raids against him and his linked businesses in Delhi and Mumbai.
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The Enforcement Directorate (ED) has arrested Avantha Group promoter Gautam Thapar in connection with a money laundering case.
Thapar was arrested under provisions of the Prevention of Money Laundering Act (PMLA) late on August 3 after the ED carried out raids against him and his businesses in Mumbai and Delhi, news agency PTI quoted officials as saying on August 4. Thapar is expected to be produced before court on August 4 where the agency will seek his custody.
The case of money laundering was filed by the ED after taking cognisance of an FIR lodged by the Central Bureau of Investigation (CBI).
The agency has been investigating an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being probed under PMLA.
"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 realisable market value belonging to Avantha Reality 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 said earlier.
In 2020, the CBI had booked Kapoor and his wife Bindu for allegedly obtaining a bribe of Rs 307 crore through the purchase of a bungalow from a realty firm at half the market price and facilitating around Rs 1,900 crore bank loans to it in return.
The CBI suspected that the discounted transaction for the 1.2 acre-bungalow on Amrita Shergill Marg in Delhi was a gratification to Kapoor through the company Bliss Abode Pvt. Ltd. in return for non-realisation of over Rs 1,900 crore in loans from Yes Bank to Gautam Thapar-promoted Avantha Realty and group companies.
(With inputs from PTI)Gautam Thapar, Avantha Group promoter, arrested by ED in money laundering case - Moneycontrol.com
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