Major ED action in money laundering case, arrest of Avanta Group promoter Gautam Thapar

- ED registers money laundering case after taking cognizance of an FIR registered by CBI

New delhi date. Wednesday, August 04, 2021

The ED has arrested Gautam Thapar, promoter of Avanta Group, in a money laundering case. He was arrested on Tuesday after searching several places in Delhi and Mumbai. Thapar was arrested on Tuesday night under the provisions of the PMLA, officials said.

Thapar is likely to be produced in court today, Wednesday. The ED will seek Thapar's custody in court. ED Thapar's company Avanta Realty is investigating the alleged transaction between Yes Bank co-founder Rana Kapoor and his wife, officials said.

The ED had registered a case of money laundering after taking cognizance of an FIR registered by the CBI. In June this year, the CBI arrested the promoters and directors of two of his private firms in Delhi and Gurugram, including Thapar, for allegedly causing a loss of Rs 466.51 crore to Yes Bank.

Yes Bank is being investigated by several agencies, including the ED, in a fraud case involving the arrest of Rana Kapoor, co-founder of a private bank.