Yes Bank scam: Bombay High Court grants bail to Gautam Thapar, promoter of Avanta Group.

Yes Bank scam: Bombay High Court grants bail to Gautam Thapar, promoter of Avanta Group.

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The CBI alleges that Thapar had hatched a criminal conspiracy with Kapoor to commit fraud and on 8 October 2021, the CBI had filed a charge sheet in the case.

The Bombay High Court on March 25 convicted Gautam Thapar, promoter of Avantha Group and non-executive chairman of Avantha Realty, in a Rs 307-crore transaction with the realty company. Granted bail in Yes Bank fraud case. A single bench of Justice Anuja Prabhudessai granted bail to Thapar on a surety of Rs 2 lakh.

The CBI has booked Thapar, Yes Bank founder Rana Kapoor and other accused under sections 120B (criminal conspiracy), 420 (cheating), and Prevention of Corruption Act (PCA) of the Indian Penal Code (IPC). A case was registered under 7, 11, and 12. According to the probe agency, Kapoor, the prime accused in the case, had bought the property at Avanta’s prime location in Delhi at a price much below the market value of the property. The allegation was that Kapoor had official dealings with Avanta in the form of loans.

The CBI alleges that Thapar had entered into a criminal conspiracy with Kapoor for the purpose of cheating. The CBI had filed the charge sheet on October 8, 2021. Thapar was arrested by the ED in the money laundering case registered by him on the basis of the CBI probe.

Thapar’s lawyer Mahesh Jethmalani argued with Karanjawala and Co firm that whenever Thapar was called after the FIR was registered, he remained present for investigation and questioning.

CBI counsel Hiten Venegaokar argued that Thapar, along with co-accused Rana Kapoor and his wife Bindu Kapoor, had committed criminal conspiracy and fraud in various financial transactions. Yes, Bank had already provided a loan facility of around Rs 2,500 crore to various Avantha companies and still, Rs 400 crore loan was given.

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