Delhi and Mumbai: CBI investigates Gautam Thapar by CBI of both the places
The Central Bureau of Investigation (CBI) is raiding numerous places in Mumbai and Delhi as part of an investigation into a loan default case involving Gautam Thapar, the promoter of the Avantha Group of firms, according to ET sources.
Two private firms based in Delhi and Gurugram, and their promoters and directors were arrested earlier this month by the federal agency for allegedly causing a loss of Rs. 466.51 crore.
“Yes Bank Limited was said to have given a Rs 515 crore term loan to a private company in Gurugram Delhi in December 2017. On October 30, 2019, the loan amount was declared non-performing.
Based on Early Warning Signals (EWS), the borrower was labelled as a “Red Flagged Account” on March 6, 2020.” According to the preliminary investigation report of the agency (FIR).
Multiple agencies including the Enforcement Directorate are investigating Thapar in connection with the Yes Bank scam in which the private bank’s co-founder, Rana Kapoor was detained.
Aside from the ED, he is being investigated by the Serious Fraud Investigation Office (SFIO) for corruption charges at CG Power & Industrial Solutions and 14 other linked entities.
The board of directors terminated promoter and chairman Thapar in August of this year, and steps are ongoing to decrease debt, dispose of non-core assets, and restart and optimise operations. On March 31, 2019, the company’s total debt stood at Rs 2,455.39 crore (fund-based, including short-term loans) and Rs 1,380 crore (non-fund based).