Another incidence of bank fraud has surfaced. Central Bureau of Investigation has arrested Gautam Thapar of the Avantha Group. CBI accused Gautam Thapar of defrauding Yes Bank for Rs. 466 crores.
The case concerns a loan taken by Avantha Realty Limited’s holding firm, Oyster Buildwell Pvt Ltd and its misappropriation between 2017 and 2019. In addition, charges of criminal breach of trust, cheating, criminal conspiracy, and forgery have been filed. In addition, they filed a complaint of misappropriation of public funds from 2017 to 2019. All of this adds up to a loss of Rs. 466.52 crores.
Some CBI officers have also indicated that they conducted raids on a few locations that are linked to this case in some way. A total of 14 locales in Delhi NCR are included in this list. Despite this, the CBI arrested Raghubir Kumar Sharma, Rajendra Kumar Mangal, and Tapsi Mahajan, directors of Oyster Buildwell Pvt Ltd.
Oyster Buildwell Pvt Ltd is a subsidiary of the Avantha group, according to CBI. Moreover, Avantha Realty owns about 97 per cent of the company, with Thapar and Vani agencies owning the rest.
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