Avantha Group Promoter Gautam Thapar Arrested In Money Laundering Case

Wednesday, 4 August 2021Newsdesk

The Enforcement Directorate(ED) has arrested Avantha Group promoter Gautam Thapar in connection with a money laundering case, officials said on Wednesday. Gautam Thapar was arrested under provisions of the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before court on Wednesday where the ED will seek his custody, they added.

New Delhi, 04 August 2021

As per news report of NDTV, The ED has been probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency. 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 (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.

Source -NDTV