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The Avantha Group promoter Gautam Thapar has been arrested by Enforcement Directorate, after the agency carried out raids at his businesses in Delhi and Mumbai, officials said on Wednesday.
The agency has arrested Thapar under Prevention of Money Laundering Act, and he will be produced before court today, where the agency will seek his custody.
The ED has been 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 (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 said earlier.
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 Gautam Thapar-promoted Avantha Realty and group companies. (With PTI inputs)
