New Delhi, Oct 10, (ILNS) A Delhi Court will hear the bail application of businessman and Avantha Group of companies promoter Gautam Thapar in connection with the money laundering case tomorrow (Monday)
Special Judge, CBI, Sanjeev Aggarwal at Rouse Avenue court on Saturday, took cognizance of the alleged offences committed by the businessman in connection with a money laundering case and summoned 21 accused named in the Prosecution Complaint, filed by the Directorate of Enforcement on October 01, 2021. The complaint alleges grant of credit facilities by YES Bank without following the banking norms, thereby causing a huge amount of losses to YES Bank, in lieu of illegal gratification.
Advocate Vijay Aggarwal appearing for Thapar, on Saturday (09 Oct) argued the case extensively while reserving the right to counter new allegations raised, if any, by the ED.
The Directorate of Enforcement has filed the Complaint stating, ‘Prima facie, investigation has revealed diversion of loan and investigation in this regard is still ongoing.’ and they sought leave to file a further supplementary complaint.
A team from Law Firm Karanjawala & Co, headed by Senior Partner Sandeep Kapur, along with lawyers Vir Sandu, Vivek Suri and Ms Niharika Karanjawala appeared for Gautam Thapar.
The lawyer’s team sought a copy of the Prosecution Complaint. The Directorate of Enforcement arraigned the officials of Avantha Group and YES bank as accused, alleging that they acted in their respective capacities in the companies and that the bank had full knowledge of the contraventions being committed.
Special Judge, CBI, Considering the number of accused persons and the Covid 19 SOPs, summoned the accused on different dates between October 29, 2021 to October 30, 2021.
The Bail Application, filed on behalf of Gautam Thapar is still pending adjudication before the Special Court and the next date listed for hearing is tomorrow (October 11, 2021). On the last date of hearing, the Counsel for the Directorate of Enforcement had sought time to reply to the contentions and grounds raised by the Vijay Aggarwal, Counsel for Thapar.
The bail application claimed that the accused was no longer required for custodial interrogation and no purpose will be served by keeping him in further custody. It claimed that there was no possibility of the accused tampering with the evidence or influence the witnesses.
Thapar was arrested under the Prevention of Money Laundering Act (PMLA) on August 3, after the agency carried out raids against him and his linked businesses in Delhi and Mumbai.
The CBI had also alleged 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 Realty Ltd for sanction of a loan to it and 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 was probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who is 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./ILNS/SNG/