An alleged transaction has raised suspicion among authorities which took place between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife.
The Enforcement Directorate (ED) has arrested Gautam Thapar, promoter of Avantha Group, in connection with a money laundering case, sources said on Wednesday.
Gautam Thapar was arrested after questioning by the ED and searches at multiple locations in Mumbai and Delhi. The searches were also conducted at locations linked to senior officials of the Avantha Group including residential premises of Thapar.
Gautam Thapar is being probed for his alleged role in the diversion of bank funds, sham transactions with related parties, borrowing funds from the banks by misrepresentation, fabricating books of accounts, false entries, fake vouchers and financial statements, furnishing incorrect or misleading information, siphoning off funds including various bank loan proceeds. The allegations were based on a forensic audit report.
According to sources, the ED has lodged at least two cases including the loss to Yes Bank to the tune of Rs 467 crore against Gautam Thapar, his firms, and associates.
According to the probe agency, Rana Kapoor, former MD & CEO of Yes Bank, obtained illegal gratification in the form of a property at a prime location in New Delhi at much less price than the market value, belonging to Avantha Reality Ltd for sanction of a loan to his firm and for extending concessions, relaxations and waivers in the already existing credit facilities provided to Avantha Group (AG) companies and for advancing additional loans to them by Yes Bank Ltd. The market value of this property is Rs 685 crore.
In another case, on the complaint of State Bank of India, CG Power and Industrial Solution Ltd, its Chief Managing Director Gautam Thapar along with other senior officials of firm were booked by CBI for defrauding over Rs 2,435 crore from the consortium of banks led by SBI.
