A forensic audit has revealed misappropriation and diversion of funds (File)
The Central Bureau of Investigation today filed a case against billionaire Gautam Thapar, founder of the Avantha Group, and others for allegedly defrauding Yes Bank to the tune of Rs 466 crore.
Sources say that the premier investigating agency conducted searches at around 20 locations, including the premises of Mr Thapar, and recovered damning evidence.
Along with Mr Thapar, 60, the agency has also named Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, and their companies M/s Oyster Buildwell Pvt Ltd, Avantha Reality Pvt Ltd and unknown officials of Jhabua Power Ltd.
The accused and their companies took huge loans from Yes Bank and due to non-payment over time their accounts turned NPAs or Non-Performing Assets, say sources.
A forensic audit has revealed misappropriation and diversion of funds. Soon after, Yes Bank filed a complaint with the CBI.
The accused have been charged with criminal conspiracy, cheating, criminal breach of trust and forgery.
Last year the agency had charged Rana Kapoor, former MD of Yes Bank, and his family members for allegedly obtaining Rs 307 crore bribe through the purchase of a bungalow from Avantha Reality, one of the companies of Gautam Thapar, to go easy on the loans availed by Gautam Thapar-owned companies from Yes Bank.