avantha realty: CBI files: Avantha entities used 500 crore INR Yes Bank loan to repay MNT Edelweiss, ABFL loan

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Synopsis

Funds were diverted from a term loan made to Oyster Buildwell, an Avantha group company with no real business or assets. Edelweiss and Aditya Birla Finance, who received INR 285 crore and INR 190 crore respectively, deny any knowledge of the source of the funds used to repay their contributions, which has occurred in the normal course.

Investigators traced the proceeds of an INR 500 crore loan from Yes Bank to a little-known Thapar group company that was used to repay loans and contributions from other troubled group companies. Oyster Buildwell, a subsidiary of Avantha Realty, channeled the loan proceeds it received through various other group companies for purposes other than those for which the loan was granted. Among the ultimate recipients of these loan funds were

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