Gautam Thapar, the promoter of Avantha Group, was arrested by the Enforcement Directorate in connection with a money laundering investigation. The money laundering case against Thapar is part of the agency’s larger investigation into the Yes Bank fraud.
On Tuesday morning, Enforcement Directorate officials began questioning Thapar about the alleged property transaction involving Avantha Realty and Yes Bank co-founder Rana Kapoor and his wife.
Thapar, who was arrested under the provisions of the Prevention of Money Laundering Act, will appear in a local court on Wednesday, where the central agency will seek his detention for interrogation.
Thapar is already being investigated by the Central Bureau of Investigation. The agency filed a case against Thapar and Avantha Realty Limited in June for allegedly defrauding Yes Bank of Rs 466.51 crore in 2017-19.
The case was filed by the CBI in response to a complaint filed by the State Bank of India on behalf of a consortium of 11 other lender banks, including Yes Bank.
The ED had filed a separate money laundering case after taking cognizance of the CBI case.
The CBI claimed that Rana Kapoor received illegal gratification in the form of a property in a prime location in Delhi for a fraction of its realisable market value from Avantha Realty Ltd.
Rana allegedly received illegal gratification in exchange for sanctioning a loan to ARL and extending concessions, relaxations, and waivers in the already existing credit facilities provided to Avantha Group companies, as well as Yes Bank Ltd advancing new and additional loans to them.