Bank loan

CBI accuses Gautham Thapar of 466-cr YES bank loan fraud; search of the premises

The Central Bureau of Investigation (CBI) has filed a complaint against Gautam Thapar, founder of the Avantha group, for allegedly embezzling loans worth 466 crore in borrowed from YES Bank. The agency also searched several locations, including Delhi, Kolkata and Telangana, as part of its investigation.

The case arose out of a complaint filed by YES Bank, which had granted a loan of 515 crore yen for ten years in 2017. The loan was to be used for the continued operations of Jhabua Power Limited of Avantha Group.

However, the company became a non-performing asset in 2019 and began to default on repayment. It was later discovered that only around ₹ 15 crore had actually gone to the power company and the end use of the ₹ 500 crore balance could not be established, according to an audit by the bank. It was alleged that the balance amount was used to settle Avantha group loans instead of using it for the operation of the power company.

Second case

This is the second case filed by the CBI against Thapar. Previously, he had been named in a real estate case involving the founder of YES Bank, Rana Kapoor. It was alleged that Thapar offered “an illegal gratuity instead of favors given in the course of official work” by selling a bungalow in south Delhi in Kapoor in exchange for loans granted to the Avantha group.

CG Power case

Thapar has been struggling for the past two years with other group entities as well. In 2019, CG Power ousted him from his post as chairman after the company revealed that some employees had made unauthorized transactions, which led to a potential underestimation of not only liabilities, but even advances to related and unrelated parts of the company and the group. .

A CG Power forensic audit found that various banks, auditors and the company’s board of directors were aware of the transactions, which are currently under investigation for fraud and manipulation.