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Court Grants Two Weeks to Avantha Group’s Promoter To Advance Arguments On Bail Plea



The ED was 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.

A Delhi court on Monday granted two weeks to Avantha Group promoter Gautam Thapar to file written submissions and advance arguments in support of his bail application in a Rs 500-crore money laundering case. Special judge Sanjeev Aggarwal directed the counsel appearing for Thapar to submit documents by October 23, when the court will further hear the matter.

The court passed the order after the accused sought time to respond to ED’s reply to his bail application.

Special public prosecutors Amit Mahajan and N K Matta, appearing for Enforcement Directorate (ED), opposed the bail application, saying the accused might hamper with the ongoing investigation and flee from justice if released.

The bail application, filed by Karanjawala & Co on behalf of Thapar, claimed that the accused was not required for the investigation and that no purpose will be served by keeping him in further custody.

The court recently took cognisance of a charge sheet filed in the case against Thapar and 20 others.

The judge summoned the accused and the group companies on five dates from October 20 to November 30, noting that the presence of such a large number of accused persons and their counsels on a single date may not be conducive for adhering to the COVID-19 SOPs.

The final report alleged that the accused committed criminal breach of trust, cheating, criminal conspiracy and forgery for diversion and misappropriation of the public money during the period from 2017 to 2019 and caused loss to the tune of Rs 466.51 crore to YES Bank.

The ED was 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 FIR lodged by the CBI alleged 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 CBI had last year booked Kapoor and his wife Bindu for allegedly obtaining a bribe of Rs 307 crore through the purchase of a bungalow in a tony Delhi area from a realty firm at half the market price and facilitating around Rs 1,900 crore bank loans to it in return.

The CBI suspected that the discounted transaction for the 1.2 acre-bungalow on Amrita Shergill Marg in Delhi was a gratification to Kapoor through the company Bliss Abode Pvt Ltd in return for non-realisation of over Rs 1,900 crore in loans from Yes Bank to Avantha Realty and group companies.

In June, 2021 the CBI had booked Thapar and others in a fresh case of fraud of Rs 2,435 crore in the State Bank of India (SBI) and other banks to probe an alleged fraud case at the CG Power and Industrial Solutions.

Source: PTI

(This story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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