On Friday, the High Court of Delhi reserved the order on a bail plea of Gautam Thapar, Avantha Group promoter in a money laundering case linked to an alleged bank loan fraud of Rs 515 crore.
The bench of Justice Manoj Kumar Ohri has reserved the order on the bail application after the conclusion of the arguments of both sides.
The matter was listed for rejoinder arguments on behalf of Gautam Thapar, who was represented by Senior Lawyer Mukul Rohatgi, briefed by a team from Karanjawala & Co led by Sandeep Kapur, Senior Partner along with Vir Sandhu, Vivek Suri, Niharika Karanjawala, Mridul Yadav, Abhimanshu Dhyani, Sahil Modi & Kajal Advocates.
Senior Advocate Rohatgi, during rebuttal arguments, submitted that
the applicant is in jail for the last 6 months & there has been no
arrest made & no chargesheet has been filed in the predicate offence
by the Central Bureau of Investigation (CBI). Thapar was arrested on
August 3, 2021, in connection with allegations of misappropriation of
funds granted by YES Bank in the form of a loan.
Rohatgi further submitted that there was adequate collateral security
rendered by Avantha group & it was admitted position through
prosecution complaint filed by the Enforcement Directorate (ED).
Amit Mahajan, the Standing Counsel representing the Directorate of Enforcement, opposed the bail application filed by Thapar on the last date of the hearing.
The trial court had recently allowed the bail applications moved on behalf of employees of the Avantha Group Companies, who have been arraigned as co-accused in an alleged case of wrongful loss to YES Bank, to the tune of rupees Rs 466.51 crore, registered by the ED.
However, in the same case, the court had dismissed the bail application moved on behalf of the co-accused Rana Kapoor, former MD & CEO of YES Bank.
The trial court had earlier dismissed the bail petition of Businessman Gautam Thapar, Promoter of Avantha Group. Thapar's bail plea is presently examining by the High Court of Delhi. Thapar was arrested by the ED in Aug month last year & is currently undergoing judicial custody.
In Oct 2021, the trial court took cognizance of the ED chargesheet (prosecution complaint) filed against Avantha group promoter Gautam Thapar involving Yes Bank's Rana Kapoor & several employees in connection with money laundering case.
"Investigation revealed that approximately Rs 500.11 crores proceeds of crime, were laundered through Oyster Buildwell Pvt Ltd (OBPL), Jhabua Power Limited (JPL), Jhabua Power Investment Ltd. (JPIL), Avantha Power & Infrastructure Ltd (APIL), Avantha Realty Ltd. (ARL) etc. which are being controlled & beneficially owned directly or indirectly by Gautam Thapar," ED told the Trial Court earlier.
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