CBI delivers big business boss Gautam Thapar for Rs 466-cr Yes Bank loan fraud: The Tribune India

Tribune press service

New Delhi, June 9

The Central Bureau of Investigation (CBI) registered an FIR against Oyster Buildwell Private Ltd, Avantha Group promoter Gautam Thapar and others, as its officials raided 14 sites in Delhi-NCR and three other cities as part of the of a case related to an alleged embezzlement of over Rs 466 crore in Yes Bank in 2017-19.

Agency officials said: “Thapar is already under investigation in another case related to embezzlement of public funds at Yes Bank allegedly involving the former head of the bank, Rana Kapoor.

In the latest FIR, the CBI also appointed the directors of Oyster Buildwell Pvt Ltd – Raghubir Kumar Sharma, Rajendra Kumar Mangal and Tapsi Mahajan – as well as unidentified officers of Avantha Realty Pvt Ltd and Jhabua Power Ltd.

In its FIR, the CBI alleged that Oyster Buildwell Pvt Ltd (OBPL) “is part of the Avantha group with over 97% of the capital held by Avantha Realty and the rest by the Thapar and Vani agencies”.

The Central Investigation Agency registered the case on the basis of a complaint dated May 27, 2021, which it received from Yes Bank’s vigilance chief Ashish Vinod Joshi.

The CBI alleged that the defendants engaged in criminal conspiracy, criminal breach of trust, cheating and forgery for embezzlement of public funds to the tune of Rs 466.15 crore, officials said.

After registering the case, the CBI team searched 14 locations in Delhi and the NCR, Lucknow (Uttar Pradesh), Secunderabad (Telangana) and Kolkata (West Bengal), including the premises of the accused, they said.

The complaint from Yes Bank, now part of FIR, alleged that Jhabua Power Limited (JPL), an OBPL group company, had entered into an operation and maintenance contract for its 600 MW power plant with its holding company Jhabua Power Investment Ltd (JPIL) for 10 years.

The OBPL was required to pay a refundable interest-free security deposit of Rs 515 crore to JPIL for which Yes Bank had authorized a long-term loan of Rs 515 crore for 10 years.

“The company defaulted on payment as the account turned into a non-performing asset on October 30, 2019. The total unpaid capital contributions amount to Rs 466.15 crore,” the complaint alleged.

In default of payment

  • The CBI case concerns a loan taken out by Oyster Buildwell Pvt Ltd (OBPL), a holding company of Avantha Realty Limited, and its misappropriation between 2017 and 2019
  • The OBPL was required to pay a refundable interest-free security deposit of Rs515 crore to JPIL for which Yes Bank had authorized a long-term loan of Rs515 crore for 10 years
  • The company defaulted and the account turned into a non-performing asset on October 30, 2019. Total outstanding principal contributions amount to Rs466.15 crore

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