Realty agency, promoter and others booked for cheating Yes Bank of ₹466 crore
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The CBI has booked Avantha Realty Limited, its promoter Gautam Thapar, and others for allegedly cheating Yes Bank of ₹466.51 crore in 2017-19.
“Searches are being conducted in the premises of the suspects,” stated a CBI official. Last 12 months, the company had registered a case towards the financial institution’s former managing director, Rana Kapoor, and his relations for allegedly receiving ₹307 crore in bribe to increase favours to the Avantha Group entities.
Among these named as accused within the newest case are Avantha Realty, Mr. Thapar, Oyster Buildwell Private Limited, Raghubir Kumar Sharma, Rajendra Kumar Mangal and Tapsi Mahajan, in addition to unknown officers of Jhabua Power Investment Limited, Jhabua Power Limited, Avantha Holdings Limited and Avantha Power and Infrastructure Limited.
Last 12 months, the CBI had named Mr. Kapoor, his spouse Bindu and others in reference to the alleged unlawful gratification of ₹307 crore for concessions in mortgage repayments and extra credit score amenities to the Avantha Group corporations. The quantity was paid through sale of a Lutyens’ Delhi bungalow, towards a declared worth of ₹685 crore, for solely ₹378 crore to Bliss Abode Private Limited, during which Ms. Kapoor was a director, as alleged.
In January 2020, the excellent towards varied loans from the Yes Bank to the Avantha Group entities was ₹1,900 crore.
The company alleged {that a} mortgage of ₹400 crore was sanctioned to Avantha Realty in March 2016 for 10 years regardless of its poor monetary situation. The financial institution had beforehand allowed credit score amenities of about ₹2,500 crore to a number of group entities and the funds had been used to clear the dues of the ICICI financial institution and the Development Credit Bank for loans to Avantha Holding.
Based on the CBI case, the ED is conducting a money-laundering probe and has hooked up a number of properties.
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