New Delhi, Feb 11 (LAB) The Delhi High Court today reserved its order on the Bail application of Avantha Group promoter Gautam Thapar accused in the money laundering scam related to Rs 515 crore Yes Bank loan fraud case.
A bench of Justice Manoj Kumar Ohri after hearing the arguments from both the Enforcement directorate and the accused reserved its order today.
Appearing for Gautam Thapar, Senior Advocate Mukul Rohatgi said 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 offense by the Central Bureau of Investigation.
The matter was listed for rejoinder arguments on behalf of Mr. Gautam Thapar, who was represented by Senior advocate Mukul Rohatgi, briefed by a team from law firm Karanjawala & Co. led by senior partner Sandeep Kapur, advocates Vir Sandhu, Vivek Suri, Ms. Niharika Karanjawala, Mridul Yadav, Abhimanshu Dhyani, Sahil Modi, and Ms. Kajal.
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Thapar was arrested on August 03, 2021, in connection to the allegations of misappropriation of funds granted by Yes Bank in the form of a Loan.
Mr. Rohatgi submitted that there is no case made out of money laundering, misappropriation, cheating, or a matter of fact it does not attract any offense under the Indian Penal Code. At the worst, any violation committed by the applicant can be of RBI guidelines, Mr. Rohatagi said.
Mr. Rohatgi further submitted that there was an adequate collateral security rendered by the Avantha group and it was also admitted by the complaint filed by the Enforcement Directorate (ED).
Standing Counsel of ED, Amit Mahajan opposed the bail application saying that there is enough evidence against Thapar to prove his offense.
The judge inquired whether the Yes Bank officials were aware of the pledge of CG share? To this Advocate, Sandeep Kapur replied that the Yes bank officials were aware of this fact and displayed before the court various documents to show the internal correspondence of Yes Bank officials.
Gautam Thapar, Avantha Group promoter is accused in a money laundering case linked to an alleged Yes Bank loan fraud of Rs 515 crore and is in jail for the last six months. /LAB/SNG/