After the Central Bureau of Investigation filed a primary data report (FIR) towards Avantha Realty Ltd final yr, its promoter, the Enforcement Directorate has arrested its promoter Gautam Thapar in reference to a cash laundering case.
The FIR was filed towards Thapar and others for allegedly dishonest Yes Bank to the tune of over Rs 466 crore throughout 2017-’19.
The company carried out raids towards him and his linked companies in Delhi and Mumbai after which the arrest was made on Tuesday evening below provisions of the Prevention of Money Laundering Act (PMLA), mentioned officers.
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He is anticipated to be produced earlier than the courtroom on Wednesday the place the ED will search his custody. The alleged transaction has raised doubts amongst authorities which happened between his firm Avantha Realty, Yes Bank co-founder Rana Kapoor and his spouse, who’re already being investigated below the PMLA by the company.
The case of cash laundering was filed by the ED after taking cognizance of an FIR lodged by the Central Bureau of Investigation (CBI).
What are the allegations?
“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 mentioned earlier.
Last yr, the CBI booked Kapoor and his spouse Bindu for allegedly acquiring a bribe of Rs 307 crore in a bid to buy a bungalow in an opulent space in Delhi from a realty agency at virtually half the market worth whereas enabling round Rs 1,900 crore financial institution loans to it in return, as per PTI.
The discounted deal for the 1.2 acre-bungalow on Amrita Shergill Marg in Delhi is being suspected as a gratification to Kapoor via the corporate Bliss Abode Pvt Ltd in return for non-realization of over Rs 1,900 crore in loans from Yes Bank to Gautam Thapar-promoted Avantha Realty and group firms.
