Delhi court reserves order on Gautam Thapar’s bail plea in a money laundering case
The Delhi High Court has reserved the order on a bail plea of Gautam Thapar, Avantha Group promoter in a money laundering case linked to a bank loan fraud of Rs.515 crore.
Thapar was arrested on August 3, 2021, in connection to the allegations of misappropriation of funds granted by Yes Bank in the form of a Loan.
On behalf of Gautam Thapar, Senior Lawyer Mukul Rohatgi represented the case. The bench of Justice Manoj Kumar Ohri has reserved the order on the bail application after the conclusion of the arguments of both sides.
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 has been filed in the predicate offence by the Central Bureau of Investigation.
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 the 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.
In June 2021 the CBI had booked Thapar and others in a fresh case of fraud of Rs.2,435 crore in the State Bank of India (SBI) and other banks to probe an alleged fraud case at the CG Power and Industrial Solutions.
[With Inputs from IANS]
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