Delhi HC rejects Avantha Group promoter Thapar's plea challenging ED arrest

In a key development, the Delhi High Court on September 30 rejected a plea filed by Gautam Thapar, an Avantha Group promoter, challenging his detention in relation to a money-laundering matter. It was submitted before the Delhi HC that Thapar was not produced before a trial court as mandated statutorily under the writ of Habeas Corpus, a recourse of law that determines whether the detention of a person is lawful or not. The petition alleged Thapar was brought before the court after the expiration of 24 hours but it was dismissed by Justice Yogesh Khanna.

Thapar was booked on August 3 following a raid conducted by the Enforcement Directorate (ED) at his offices and residence at multiple locations across Mumbai and Delhi. He was sent to The case pertains to an alleged breach of trust, forgery, cheating, criminal conspiracy, and misappropriation of public funds between years 2017 and 2019, and incurred losses to Yes Bank of a significant Rs 466.51 crores. Subsequently, an Enforcement Case Information Report (ECIR) was registered against Gautam Thapar, Avantha Realty Ltd, Oyster Buildwell Pvt. Ltd and others and sent in remand for ten days custody under the ED. 

Yes Bank scam 

The industrialist, Thapar, is accused in a CBI case of causing a purported loss of Rs.466.51 crore to Yes Bank and charged with facilitating bank loans worth nearly Rs.1900 crore to Yes Bank co-founder Rana Kapoor and his wife, Bindu. After taking cognisance of an FIR registered by the CBI in March 2020, the ED started investigating an alleged property transaction between the industrialist's company Avantha Realty Limited, Yes Bank co-founder Rana Kapoor and his wife, Bindu. Essentially, the central agency alleged that Rana Kapoor and Bindu have obtained illegal gratification of Rs 307 crore through the purchase of a 1.2 acre-bungalow on Amrita Shergill Marg bungalow in Delhi from Avantha Realty Limited at half its market price. In return, the Yes Bank co-founder has been accused of facilitating bank loans worth nearly Rs.1900 crore to the realty firm. 

Image: PTI/ ANI/ Rep Image