The Enforcement Directorate(ED) has arrested Avantha Group promoter Gautam Thapar in reference to a cash laundering case, officers mentioned on Wednesday.
Gautam Thapar was arrested beneath provisions of the Prevention of Money Laundering Act (PMLA) on Tuesday night time after the company carried out raids towards him and his linked companies in Delhi and Mumbai, they mentioned.
He is predicted to be produced earlier than court docket on Wednesday the place the ED will search his custody, they added.
The ED has been probing an alleged transaction between his firm Avantha Realty, Yes Bank co-founder Rana Kapoor and his spouse, who’re already being investigated beneath the PMLA by the company.
The case of cash 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 mentioned earlier.
CBI had final yr booked Kapoor and his spouse Bindu for allegedly acquiring a bribe of Rs 307 crore via the acquisition of a bungalow in a tony Delhi space from a realty agency at half the market value and facilitating round Rs 1,900 crore financial institution 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 via the corporate Bliss Abode Pvt Ltd in return for non-realisation of over Rs 1,900 crore in loans from Yes Bank to Gautam Thapar-promoted Avantha Realty and group firms.
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