The ED arrested Gautam Thapar of Avanta Group in a money laundering case

- 467 crore of banks not returned

- Prior to the arrest, the ED raided Avanta Group locations in Delhi and Mumbai

New Delhi: The ED has arrested Gautam Thapar, a well-known businessman and promoter of Avanta Group, in a money laundering case. Recently, the agency conducted raids at various locations of Avanta Group in Delhi and Mumbai. He is accused of cheating with banks.

Thapar was also questioned after the raid. Thapar has been charged with misappropriation of bank funds, fraudulent transactions, fraudulently taking loans from banks, counterfeit vouchers and fraudulent financial transactions, criminal conspiracy and fraud.

Investigative agencies are investigating Thapar in the same cases. The allegations against Thapar were based on a forensic audit report. The ED has filed two cases against Gautam Thapar and his company as well as associates.

One of them is a Rs 3 crore scam with Yes Bank. Rana Kapoor, a former executive director of Yes Bank, was bribed by Avanta Realty in the form of assets at a price lower than the market value. There are reports that the bribe was taken from Yes Bank for giving more time to repay the loan.