New Delhi: The Directorate of Enforcement (ED) has arrested the promoter of the Avantha group, Gautam Thapar, in connection with a money laundering case, officials said on Wednesday.
The agency arrested Thapar on Tuesday evening after a day-long interrogation in connection with the alleged real estate transaction between Avantha Realty and YES Bank co-founder Rana Kapoor and his wife, officials said.
The businessman was arrested following searches at several locations in Delhi and Mumbai.
The ED had filed a complaint against Thapar and the promoters and directors of two private companies based in Delhi and Gurugram for causing an alleged loss of around Rs 467 crore to YES Bank.
The Central Bureau of Investigation (CBI) has previously investigated a corruption case filed against Thapar for his alleged role in the bank fraud case.
ED began its investigation into the Prevention of Money Laundering Act (PMLA) based on the CBI’s first briefing report in the case, which was filed on the State Bank of India complaint in name of the consortium of 11 other lending banks, including YES Bank.
Thapar’s role is also suspected in alleged irregularities at CG Power and Industrial Solutions in which he was questioned by the agencies.
CG Power’s board of directors fired Thapar from his role as chairman in 2019 for his alleged role in various questionable transactions.
