Yes Bank fraud: ED arrests Avantha Group promoter Gautam Thapar in money laundering case
04 Aug 2021

The Enforcement Directorate (ED) has arrested Avantha Group promoter Gautam Thapar in connection with a money laundering case, officials said on Wednesday.

The agency arrested Thapar on late Tuesday after day-long questioning in connection with the alleged property transaction between Avantha Realty and YES Bank’s co-founder Rana Kapoor and his wife, officials said.

The businessman was arrested following searches at multiple locations in Delhi and Mumbai.

The ED had registered a case against Thapar and promoters and directors of two private companies based in Delhi and Gurugram for causing an alleged loss of approximately Rs 467 crore to YES Bank.

The Central Bureau of Investigation (CBI) has already been investigating a corruption case registered against Thapar for his alleged role in the loan bank fraud matter.

ED began its probe in the Prevention of Money Laundering Act (PMLA) based on the CBI’s first information report in the case, which was filed on the complaint from the State Bank of India on behalf of the consortium of 11 other lender banks, including YES Bank.

Read more at The Free Press Journal

RiskScreen: Eliminating Financial Crime with Smart Technology

You can claim CPD minutes for this content, by signing up to our CPD Wallet