The Central Bureau of Investigation (CBI) registered a case against billionaire Gautam Thapar, founder of Auntha Group, and others for an alleged fraud worth ₹466 crore with Yes Bank.
The case relates to a loan taken by Oyster Buildwell Pvt. Ltd., the holding company of Avantha Realty Ltd., and its misuse between 2017 and 2019.
Sources said that the Prime Minister’s Investigation agency searched about 20 places including Mr. Thapar’s premises and found faulty evidence.
Along with Mr. Thapar, 60, the agency has also named anonymous officials of Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, and their companies Messrs. Oyster Buildwell Pvt. Ltd., Avantha Reality Pvt. Ltd. and Jhabua Power Ltd.
Sources said that the accused and their companies took huge loans from Yas Bank and due to non-payment over time, NPAs or non-performing assets were converted in their accounts.
Between 2017 and 2019, a complaint was lodged for having committed against the public for money laundering / misuse, breach of trust, fraud, criminal conspiracy and forgery, thereby causing loss to the tune of ₹466.51 crore to the Yes Bank, Read the official complaint.
A dozen locations were raided in connection with the case, CBI officials said.
The forensic audit revealed misuse and misappropriation of funds. Soon, Yasbank lodged a complaint with the CBI.
The suspects have been charged with criminal conspiracy, fraud, criminal breach of trust and forgery.
In March 2020, the Central Agency registered another case against former Yas Bank MD, Rana Kapoor, his wife Bandu Rana Kapoor and Gautam Thapar on charges of “unlawful gratification for increased favors in connection with official work.”
The case was related to allegedly obtaining Rs 307 crore bribe through the purchase of a bungalow from Avantha Reality, one of the companies of Gautam Thapar, to go easy on the loans availed by Gautam Thapar-owned companies from Yes Bank, the 1.2-acre 40-acre bungalow in New Delhi, Amrita Shergill Marg, which was allegedly bought half the price of which was Thapar by Kapoor as a “bribe” bought in exchange for a ₹1,900 crore loan extension.
