Gautam Thapar Arrested by ED in Laundering Case

The Enforcement Directorate (ED) arrested the Avantha Group of Companies promoter Gautam Thapar on charges of playing a key role in laundering more than Rs. 500 crores in a Yes Bank loan fraud case.

Thapar, 60 was remanded in one-day custodial interrogation of the ED by a local court on Wednesday, after being arrested the previous night following reads by the agency against his businesses in Delhi and Mumbai.

In its remand paper, the agency alleged that “illegal favors are found to have been extended by Yes Bank to Avantha Group”.

“Any quid pro quo for extending such illegal benefit is yet to be ascertained,” said the document, a copy of which was seen by ET.

The court sought the complete case file and the enforcement case information report, equivalent to a first information report (FIR), registered by the agency against Thapar and others in June. The agency had sought 14 days of remand.

The ED had filed a case under the Prevention of Money Laundering Act on the basis of an FIR filed by the Central Bureau of Investigation (CBI) which accused Thapar and others of defrauding Yes Bank. The remand paper said that the ED probe had revealed money laundering through Oyster Build well Pvt Ltd (OBPL), Jhabua power Limited (JPL), Jhabua Power Investment Ltd (JPIL), Avantha Power & Infrastructure Ltd (ARIL) Avantha Realty Ltd and other entities “controlled and beneficially owned directly or indirectly” by Thapar.  S-ET

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