CBI Files Fresh Case Against Gautam Thapar, Others

The CBI, which is investigating a loan default case against Avantha Group promoter Gautam Thapar and others, filed a fresh case on Thursday and conducted raids at multiple locations in Mumbai and Delhi.

The new case pertains to a complaint filed by state Bank of India against CG power & Industrial Solution and other, including its then CEO, then CFO, then directors and unknown persons. The lenders consortium an alleged loss of Rs. 2,435 crore, the CBI said.

“It was alleged that the said accused had cheated SBI and other consortium member

banks, including Bank of Maharashtra, Axis Bank, Yes Bank, Corporation Bank, Barclays Bank, Indus Ind Bank, etc, by way of diversion of bank funds; sham transaction with related parties; borrowing funds from the bank by misrepresentation; falsifying/fabricating books of accounts, entries, vouchers and financial statements; furnishing false, incorrect or misleading information; siphoning off funds, including various loan proceeds. The allegation were based on forensic audit report,” the CBI said in a press release.

Earlier this month, the CBI had booked Thapar, two private companies based in Delhi and Gurugram, as well as their promoters and directors for causing an alleged loss of Rs.466.51 crore to Yes Bank.

Thapar is being probed by multiple agencies, including the Enforcement Directorate, in the Yes Bank, scam in which the private bank’s co-founder Rana Kapoor has been arrested.

The serious Fraud Investigation office (SFIO) is also probing Thapar for alleged irregularities at CG power & Industrial Solution and 14 other related firms. S-ET

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