Skip to main content

Gautam Thapar case may have huge fallout: Court

“Illegal favours are found to have been extended by Yes Bank to Avantha Group. Any quid pro quo for extending such illegal benefit is yet to be ascertained,” ED alleged in its remand paper as reported by ET last week.

The ongoing case against Gautam Thapar for an alleged ₹500-crore-plus bank loan fraud “might have wide ramifications”, a local court observed in its order remanding the Avantha Group promoter to 10 days custodial interrogation of the Enforcement Directorate (ED).

“It appears that thorough and detailed custodial interrogation of this accused (Thapar) will be required in this case regarding the modus operandi pertaining to the commission of offence and to dig out other documentary evidenc.

A replica of the order, handed final Thursday, was made obtainable on Tuesday.

“The details of the money trail have also to be worked out,” it mentioned. “The involvement of the accused along with earlier management of the Yes Bank is also to be worked out. This case might have wide ramifications involving proceeds of crime involving huge amounts of more than ₹500 crore.”

ED had arrested Thapar on August 3 on fees of taking part in a “key role” in laundering greater than ₹500 crore in a financial institution mortgage fraud case.

“Illegal favours are found to have been extended by Yes Bank to Avantha Group. Any quid pro quo for extending such illegal benefit is yet to be ascertained,” ED alleged in its remand paper as reported by ET final week.

The native court docket allowed an utility moved by Thapar’s counsels Vijay Aggarwal and Sandeep Kapur, and directed the ED to furnish particulars of “pendency” of different instances registered by the company in opposition to Thapar, if any, to his counsel(s) inside every week by way of e-mode.

In response to a different utility moved by Thapar’s counsels, the company assured the court docket that Thapar’s interrogation can be performed beneath audio visible CCTV surveillance.

Counsel for the company had alleged that “sham agreements” had been made by Thapar’s firms to acquire a mortgage of ₹500 crore from Yes Bank. Countering the cost, Aggarwal had argued that Thapar is the “victim” within the immediate case and that the mentioned sham agreements had been executed by the official of Yes Bank to safe “valuable shares” of Thapar’s firm.

In its remand paper, ED had alleged that its probe revealed that ₹500 crore (roughly) proceeds of crime had been laundered by way of various firms “controlled and beneficially owned directly or indirectly” by Thapar, together with Oyster

(OBPL), Jhabua Power (JPL), Jhabua Power Investment (JPIL), Avantha Power & Infrastructure (APIL), and Avantha Realty.

 

Read more at:

https://economictimes.indiatimes.com/news/india/thapar-case-may-have-huge-fallout-court/articleshow/85221288.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Labels:

Comments

Post a Comment

Popular posts from this blog

Vijay Aggarwal Advocate Internship News

Golden opportunity  to get  Vijay Aggarwal Advocate Internship . Get trained under the guidance of senior people. Law/ Legal -  Metropolitan Law Firm START DATE -  As early as  DURATION -  1 Month COMPENSATION - Certification APPLY BY -  Earliest About Internship With  vijay aggarwal metropolitan law firm Those who will be selected will manage day-to-day responsibilities like handling research-based work. Mentored by senior advocates and lawyers.  Who can apply for  vijay aggarwal's metropolitan law firm Should be good at multitask  Should be available for 30 days  Should possesses  skills and interests Perks Certification Number of openings 3
Read more

Mehul Choksi gets temporarily stay in FEO proceedings by Bombay High Court

  Enforcement Directorate faced a major setback in its probing against absconder businessman Mehul Choksi as the Bombay High Court has stayed the proceedings for a temporarily period under the fugitive economic offender’s act of 2018.     Choksi is presently situated in Antigua and Barbuda after he fled from India in January 2018. He has denied returning whereas officials are seeking his extradition with the Caribbean legal authorities.   Under the Prevention of Money Laundering Act, the special court in Mumbai is hearing the proceedings to declare Choksi a fugitive economic offender in the Punjab National Bank (PNB). It is a scam worth Rs 13,500 crores. His properties of abroad can be seized by the officials, under the Fugitive Economic Offender act.      Special Prevention of Money Laundering Act Court has received order from the Bombay High Court that it will not pass the final order on the application filed by ED to declare Mehul Choksi a “Fu...
Post a Comment
Read more

Court Outlines Notice To Mahua Moitra In Defamation Case by Zee News

Notice against Mahua Moitra, Lawmaker, Trinamool Congress (TMC) has been framed by a Delhi court in the defamation case. The case was filed by Zee Media Corporation Limited. The notice was framed against Moitra for supposedly making defamatory expressions against Zee Media in the complex of the Parliament.   A criminal complaint against Moitra was filed by Zee Media Corporation under Section 499 and 500 (defamation) of the Indian Penal Code (IPC). The matter was heard by the Additional Chief Metropolitan Magistrate (ACMM) at a special court designated for MLAs and MPs. Advocate Vijay Aggarwal argued on the matter along with one more Advocate Yugant Sharma. According to the rules issued by the Supreme Court, such issues are to be finished up within one year. The offense of defamation attracts imprisonment which may reach out as long as two years.
Read more