Delhi HC junks bail plea of Avantha Group promoter Gautam Thapar

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The Delhi High Court on Wednesday turned down the bail application of Avantha Group promoter Gautam Thapar in a money laundering case linked to the alleged multi-crore Yes Bank loan scam.

A bench of Justice Manoj Kumar Ohri pronounced the order which had been reserved for February 11.

A detailed order copy is expected to be made available later.

In the last hearing, Thapar’s counsel senior Advocate Mukul Rohatgi, during rebuttal arguments, submitted that the applicant is in jail for the last six months and there has been no arrest made and no charge sheet filed in the predicate offence by the Central Bureau of Investigation.

Thapar was arrested on August 3, 2021, in connection with the allegations of misappropriation of funds granted by Yes Bank in the form of a loan.

Rohatgi submitted that there is no case of money laundering, misappropriation, cheating, or for the matter of fact it does not attract any offence under the Indian Penal Code and at the worst violation of Reserve Bank of India (RBI) guidelines could be committed from the end of the applicant.

There was adequate collateral security rendered by Avantha group and it was admitted position through a prosecution complaint filed by ED, he argued.

Amit Mahajan, Standing Counsel, representing Directorate of Enforcement had opposed the bail plea on the last date of hearing.

The judge enquired if the Yes Bank officials are aware of the pledge of CG share, which was well addressed by Sandeep Kapur, a senior partner, Karanjawala & Co., through display of various internal correspondence of Yes bank which demonstrated that it was in knowledge of Yes Bank officials.

Accordingly, the matter has been reserved for orders by the High Court.

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