Two Petitions filed on behalf of Mr. Gautam Thapar in connection with the Yes Bank money laundering case came up in the Delhi High Court on Monday before the Court of Justice Yogesh Khanna. The petitioner has claimed that his arrest was illegal and that he was not provided with copies of the ECIR report in the matter by ED. It was also contended that he was not produced before the Court within the prescribed 24 hours.
Thapar being probed in 466.51 crore scam
An ECIR report is generally considered as the PMLA equivalent for First Information Report. BW Legal World accessed the ECIR filed by ED in this case.
Thapar has been booked for criminal breach of trust, cheating, criminal conspiracy and forgery for diversion / misappropriation of public money during the period 2017 to 2019, thereby causing losses to the tune of Rs 466.51 crore to Yes Bank.
The Delhi High Court has reserved its verdict on the on the question of Thapar's illegal arrest. The Petition regarding supply of the ECIR has been adjourned to 28.10.2021, for arguments.
Suspicious transaction with Yes Bank Co-founder Rana Kapoor
The ED is investigating a purported property transaction between Thapar's company, Avantha Realty, and Yes Bank co-founder Rana Kapoor. The Kapoors have allegedly bought a bungalow on Amrita Shergill Marg. It has been alleged that the said property is a bribe to the Yes Bank co founder by Thapar in exchange of non-realization of over Rs 1,900 crore in loans from Yes Bank to the Avantha Group.
The ED was represented by Mr. S.V. Raju, Ld. ASG. Mr. Thapar was represented by Mr. Vijay Aggarwal, Advocate, briefed by Mr. Sandeep Kapur, Sr. Partner, Karanjawala & Co., along with a team from Karanjawala & Co.