Avantha holdings fraud credit cleared by Yes Bank’s forensic audit: Report

Avantha holdings fraud credit has been cleared by Yes Bank

Economic Times reported that Yes Bank cleared the fraud tag on Avantha holdings, after a forensic audit on the company. A family investment company by Mr Gautam Thapar is Avantha Holding, according to the people aware of the matter.

Gautam Thapar and others in his company were reported by the Central Bureau Of Investigation(CBI) on June 9, 2021, for allegedly cheating Yes Bank for over Rs466 crore during 2017-2019. Avantha holdings fraud credit cleared by Yes Bank’s forensic audit: Report

Case details:

CBI had searched 14 locations in New Delhi and three cities after registering its complaint on Oyster Building Private Limited, Avantha group promoter for allegedly cheating Yes bank for over Rs 466 crore during 2017-2019. 

Mr Thapar is already probed in another case for diversion of public money in Yes Bank involving the bank’s former chief Mr Rana Kapoor. In the current case, the CBI has also booked Raghubir Kumar Sharma, Rajendra Kumar Mangal, and Tapsi Mahajan, directors of Oyster Building Private Limited including unidentified executives of Jhabua Power limited and Avantha Realty Private Limited.

The CBI alleged that the OBPL (Oyster Buildwell Pvt Ltd )is a part of Avantha Holding with 97% shares held by Avantha group and the remaining by Thapar and Vani agencies.

Chief Vigilance Officer Ashish Vinod Joshi filed the complaint on May 27, 2021. The CBI further alleged that they have been indulged in cheating, forgery, and criminal breach of trust for misleading the public money of Rs 466 crore. The Yes Bank’s complaint, a part of the FIR has alleged that group of Oyster Building Private Limited and Jhabua Power Limited (JPL) in operations and maintenance for its 600 MW power plant.

Yes Bank sanctioned an interest-free refundable loan for OBPL for Rs 515 crores for 10 years. Nw the total principal stand on Rs 466 crores after the company turned in non-performing assets on October 30, 2019.

“Ultimate end use of Rs 500.11 crore loan fund could not be ascertained”, the complaint alleged, during the forensic audit by Yes Bank that they had transferred Rs14.16 crore of Rs514.27 crore to JPIL account in IndusInd bank.

The inspection further reported that JPIL bank had granted an advance of Rs 345.15 crore to Avantha Holdings, but due to the absence of account statements, the money trail was unable to be established, it alleged. Yes Bank later during an interview found that the amount given by JPIL by OBPL was used to clear loan debts.  

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