Loan default case: CBI conducts searches in Mumbai, Delhi against Avantha Group promoter Gautam Thapar


The Central Bureau of Investigation (CBI) investigating a loan default case against Gautam Thapar, promoter Avantha Group of companies is conducting raids at multiple locations in Mumbai and Delhi, sources in the know told ET.

Earlier this month, the federal agency had booked Thapar, two private companies based at Delhi and Gurugram and their promoters and directors for causing an alleged loss of Rs. 466.51 crore (approx) to

.

“It was alleged that the private company based at Gurugram/Delhi had availed term loan facility of Rs 515 crore from Yes Bank Limited in December, 2017. The loan amount was declared as NPA on October 30, 2019. Further, the borrower was allegedly declared ‘Red Flagged Account’ on March 6, 2020, on the basis of Early Warning Signals (EWS),” the FIR registered by the agency said.

Thapar is being probed by multiple agencies including the Enforcement Directorate in the Yes Bank scam in which the private bank’s co-founder, Rana Kapoor has been arrested. Other than the ED, the Serious Fraud Investigation Office (SFIO) is probing him for the alleged irregularities at CG Power & Industrial Solutions and 14 other related firms for alleged irregularities.

CG Power makes transformers, switchgear, circuit breakers, network protection & control gear, project engineering, HT and LT motors and automation products.

In August, 2019, the board removed promoter and chairman Thapar and efforts are on to reduce debt, sell non-core assets and restart and optimise operations. The company’s total debt was Rs 2,455.39 crore (fund-based, including short-term loans) and Rs 1,380 crore (non-fund based) on March 31, 2019.



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