Delhi HC grants interim bail to Avantha Group promoter in money laundering case
May 27, 2022
New Delhi [India], May 27 : The Delhi High Court on Friday granted eight-week interim bail to businessman Gautam Thapar Avantha Group, the promoter in a money laundering case.
Thapar has preferred an application for interim bail on the grounds of medical issues in order to enable him to seek treatment.
The bench of Justice Jasmeet Singh on Friday after hearing arguments advanced by both sides granted the interim bail for eight weeks to Thapar on furnishing two surety bonds of Rs 50,000 each with other conditions.
Counsel for Directorate of Enforcement, Advocate Rajat Nair opposed the bail application. Thapar is presently in judicial custody and accused in a money laundering case linked to an alleged bank loan fraud of Rs 515 crore.
Thapar was represented by Sandeep Kapur, Senior Partner, Karanjawala & Co., and his team comprising of Vir Sandhu, Rajat Soni, Vivek Suri, Mridul Yadav, Abhimanshu Dhyani, and Sahil Modi.
The team had briefed N Hariharan, Senior Advocate to appear on behalf of Gautam Thapar.
The Delhi High Court and Trial court had earlier dismissed the regular bail petition of businessman Gautam Thapar.
Last year in October, the trial court took cognizance of the Enforcement Directorate (ED) Chargesheet (Prosecution Complaint) filed against Avantha Group promoter Gautam Thapar involving Yes Bank's Rana Kapoor and several employees in connection with a money laundering case.
According to the ED, an Enforcement Case Information Report (ECIR) was registered against Gautam Thapar, Avantha Realty ltd, Oyster Buildwell Pvt Ltd and others alleging criminal breach of trust, cheating, criminal conspiracy and forgery for diversion/ misappropriation of public money during the period 2017 to 2019.
Earlier, ED told the Delhi Court, "Investigation revealed that proceeds of crime, were laundered through Oyster Buildwell Pvt Ltd (OBPL), Jhabua Power Limited (JPL), Jhabua Power Investment Ltd (JPIL), Avantha Power and Infrastructure Ltd (APIL), Avantha Realty Ltd. (ARL), etc. which are being controlled and beneficially owned directly or indirectly by Gautam Thapar."
