‘Well corroborated with evidence’: ED opposes bail plea of Avantha Group promoter

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The Enforcement Directorate (ED) on Wednesday opposed the bail application of Avantha Group promoter Gautam Thapar, saying all allegations made against Thapar are well corroborated with the evidence and statements rendered by employees of Avantha Group and Yes Bank.

The bail plea of Thapar, who was arrested in connection with the alleged misappropriation of a Rs 515 crore loan of Yes Bank, was listed before the bench of Justice Manoj Kumar Ohri in Delhi High Court on Tuesday.

Standing Counsel Amit Mahajan appeared for rebuttal arguments on behalf of the ED. Thapar was represented by a team from Karanjawala & Co. led by Sandeep Kapur, Senior Partner, and comprising Vir Sandhu, Vivek Suri, Niharika Karanjawala, Mridul Yadav, Abhimanshu Dhyani, Sahil Modi, Kajal, Advocates and Nikhil Rohatgi.

Officials of Oyster Buildwell Pvt. Ltd., a part of Avantha Group had painted a sham agreement in connivance with officials of Yes Bank, which got a green flag by Thapar and Rana Kapoor, chairman of Avantha group and Yes Bank, respectively.

Further, the ED’s counsel has submitted that the earlier loans availed by Avantha Group have been used to buy properties aboard and the actual channels of all these transactions are under investigation, but no criminal proceedings are pending qua these transactions.

Mahajan has stated that while deciding the economic offences, the nature of the offence has to be taken care of and the character of the accused should be considered so that the future would not be at risk in case of granting bail to him. The matter has been adjourned for Thursday for further arguments.

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