ED arrests Avantha Group promoter Gautam Thapar in money laundering case

04 August,2021 08:51 AM IST |  New Delhi  |  PTI

The agency arrested Thapar on late Tuesday after day-long questioning in connection with the alleged property transaction between Avantha Realty and YES Bank`s co-founder Rana Kapoor and his wife, officials said

This picture has been used for representational purpose


The Enforcement Directorate (ED) has arrested Avantha Group promoter Gautam Thapar in connection with a money laundering case, officials said on Wednesday. The agency arrested Thapar on late Tuesday after day-long questioning in connection with the alleged property transaction between Avantha Realty and YES Bank's co-founder Rana Kapoor and his wife, officials said.

The businessman was arrested following searches at multiple locations in Delhi and Mumbai. The ED had registered a case against Thapar and promoters and directors of two private companies based in Delhi and Gurugram for causing an alleged loss of approximately Rs 467 crore to YES Bank.

Also read: CBI books Mumbai-based company, others for causing banks loss of Rs 2,435 crore

The Central Bureau of Investigation (CBI) has already been investigating a corruption case registered against Thapar for his alleged role in the loan bank fraud matter. ED began its probe in the Prevention of Money Laundering Act (PMLA) based on the CBI's first information report in the case, which was filed on the complaint from the State Bank of India on behalf of the consortium of 11 other lender banks, including YES Bank.

Thapar's role is also suspected in alleged irregularities at CG Power and Industrial Solutions in which he has been questioned by the agencies. The CG Power Board removed Thapar from the firm from the post of chairman in 2019 for his alleged role in various dubious transactions.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!
new delhi gurugram central bureau of investigation national news
Related Stories