After the Central Bureau of Investigation filed a primary info 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 night time beneath provisions of the Prevention of Money Laundering Act (PMLA), mentioned officers.
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He is predicted 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 beneath 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 unlawful gratification within the type of a property in a chief location in Delhi at a lot lower than the realisable market worth belonging to Avantha Reality Ltd for sanction of a mortgage to ARL and for extending concessions, relaxations, and waivers within the already current credit score services supplied to Avantha Group firms and for advancing new and extra 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 nearly 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 by 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.