The CBI has booked Avantha Realty Limited, its promoter Gautam Thapar, and others for allegedly cheating Yes Bank of ₹466.51 crore in 2017-19.
“Searches are being conducted in the premises of the suspects,” said a CBI official. Last year, the agency had registered a case against the bank’s former managing director, Rana Kapoor, and his family members for allegedly receiving ₹307 crore in bribe to extend favours to the Avantha Group entities.
Among those named as accused in the latest case are Avantha Realty, Mr. Thapar, Oyster Buildwell Private Limited, Raghubir Kumar Sharma, Rajendra Kumar Mangal and Tapsi Mahajan, besides unknown officials of Jhabua Power Investment Limited, Jhabua Power Limited, Avantha Holdings Limited and Avantha Power and Infrastructure Limited.
Last year, the CBI had named Mr. Kapoor, his wife Bindu and others in connection with the alleged illegal gratification of ₹307 crore for concessions in loan repayments and more credit facilities to the Avantha Group companies. The amount was paid via sale of a Lutyens’ Delhi bungalow, against a declared value of ₹685 crore, for only ₹378 crore to Bliss Abode Private Limited, in which Ms. Kapoor was a director, as alleged.
In January 2020, the outstanding against various loans from the Yes Bank to the Avantha Group entities was ₹1,900 crore.
The agency alleged that a loan of ₹400 crore was sanctioned to Avantha Realty in March 2016 for 10 years despite its poor financial condition. The bank had previously allowed credit facilities of about ₹2,500 crore to several group entities and the funds were used to clear the dues of the ICICI bank and the Development Credit Bank for loans to Avantha Holding.
Based on the CBI case, the ED is conducting a money-laundering probe and has attached several properties.