ED Arrests Avantha Group Promoter Gautam Thapar In Alleged Money Laundering Case, Reports PTI
The Enforcement Directorate late on Tuesday arrested Gautam Thapar, promoter of Avantha Group of Companies under the PMLA Act.
The Enforcement Directorate has arrested Gautam Thapar, promoter of Avantha Group, in connection with a case regarding alleged money laundering, PTI reported.
The ED conducted raids at his businesses in Delhi and Mumbai, the PTI report said.
Avantha Group didn't immediately respond to BloombergQuint's emailed queries.
The former CG Power chairman will be produced before the court on Wednesday where the ED would seek his custodial interrogation.
The case was filed by the investigative agency after it took cognisance of an FIR lodged last year by the Central Bureau of Investigation. The ED had been probing an alleged transaction between his company Avantha Realty Pvt., Yes Bank Ltd. co-founder Rana Kapoor and his wife, who are already being investigated under the Prevention of Money Laundering Act.
The CBI in its FIR had alleged that Rana Kapoor, then-chief executive officer of Yes Bank, received a prime property in Delhi belonging to Avantha Realty at a discount in return for loans worth Rs 1,900 crore and extension of concessions in the already existing credit facilities provided to his group companies.