Yes Bank Probe: ED arrests Avantha Group promoter Gautam Thapar

The Enforcement Directorate has arrested Avantha Group promoter Gautam Thapar in connection with a money laundering case against him. The money laundering case against Thapar is part of the agency's wider probe into the Yes Bank fraud probe. Enforcement Directorate officials started interrogating Thapar on Tuesday morning over the alleged property transaction between Avantha Realty and Yes Bank co-founder Rana Kapoor and his wife. Thapar, who was arrested under provisions of the Prevention of Money Laundering Act, will be produced before a local court on Wednesday, where the central agency will seek his custodial interrogation.  To recall, Thapar is already under investigation by the Central Bureau of Investigation. In June, the agency lodged a case against Thapar and Avantha Realty Limited for allegedly cheating the Yes Bank to the tune of Rs 466.51 crore in 2017-19.  CBI filed the case following a complaint from the State Bank of India on behalf of the consortium of 11 other lender banks, including Yes Bank. Taking cognisance of the CBI case, the ED had filed a separate money laundering case. The CBI alleged that Rana Kapoor 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 Realty Ltd.  Rana allegedly received the illegal gratification for sanctioning 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.

from asianetnews

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