scorecardresearch
Follow Us:
Wednesday, January 19, 2022

Mumbai: Gautam Thapar bail plea rejected

Thapar was arrested in August by the Enforcement Directorate on allegations of money laundering in connection with the sale of a Delhi property purchased by Kapoor’s family from Avantha Group.

By: Express News Service | Mumbai |
December 21, 2021 10:17:10 pm
Gautam Thapar filed for bail in the CBI case after the court took cognizance of the chargesheet.

A special court on Tuesday rejected the bail application of Gautam Thapar, promoter of Avantha Group Company, who was chargesheeted by the CBI along with Yes Bank founder Rana Kapoor and others in connection with an alleged loan scam.

Thapar was arrested in August by the Enforcement Directorate on allegations of money laundering in connection with the sale of a Delhi property purchased by Kapoor’s family from Avantha Group. The CBI filed a chargesheet against him and others in October.

Thapar filed for bail in the CBI case after the court took cognizance of the chargesheet.

Arguing on behalf of Thapar, the legal team of Karanjawala and Company had submitted that he had cooperated with the probe and that the chargesheet has been filed. It was also submitted that no cheating as claimed has taken place as no losses were caused to Yes Bank since the entire amount of loan was repaid. It was also submitted that he is not a flight risk and with the chargesheet already filed, there is no question of influencing the probe.

The CBI had opposed the plea alleging that the property in question was mortgaged to Yes Bank against a loan by Avantha Group. It was subsequently purchased in the name of a company where Kapoor’s wife Bindu is a director at a lower than market value. Thapar is currently in judicial custody in Delhi as an accused for the case filed by the ED.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Mumbai News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
Advertisement