[Avantha Realty-Yes Bank scam] Bombay High Court grants bail to Gautam Thapar

The Bombay High Court on Friday granted bail to Gautam Thapar, non-executive chairman of Avantha Realty in connection with a fraud case of Yes Bank involving a transaction of ₹307 crores with the realty company..The Central Bureau of Investigation (CBI) had registered cases against Thapar, Yes Bank founder Rana Kapoor and other accused for offences punishable under Sections 120B (criminal conspiracy), 420 (cheating) of the Indian Penal Code (IPC) and Sections 7, 11 and 12 of the Prevention of Corruption Act (PCA).The case of the Central Bureau of Investigation (CBI) was that prime accused and Kapoor had acquired property belonging to Avantha at a prime location in Delhi at a consideration less than its market value. The allegation was he had official dealings in the form of loans with Avantha.The CBI further stated that Thapar had entered into a criminal conspiracy with Kapoor for the purpose of cheating and diverted the sale proceeds of the property for ever-greening other outstanding loans. As a favour, it was alleged, that an additional property of ₹1,360 crores was sanctioned and disbursed to other group companies belonging to Thapar.The CBI filed a chargesheet on October 8, 202,1 and the court took cognisance on October 12, 2021, and issued summons to the accused..Senior Advocate Mahesh Jethmalani appearing for Thapar stated that after registration of first information report (FIR), Thapar had participated in the investigation as and when called upon. After the chargesheet was filed, summons had been issued and Thapar entered appearance through his counsel. However, Thapar was not arrested throughout the investigation. Jethmalani stated that the accusation of sale of the property could not be correct because while the loan from Yes Bank was disbursed in 2016, the property was sold in September 2017. .Advocate Hiten Venegaokar for the CBI, argued that Thapar with co-accused Rana Kapoor and his wife Bindu Kapoor hatched criminal conspiracy in various financial transactions and committed fraud.Yes Bank had already extended credit facilities of approximately ₹2,500 crores to various Avantha companies and yet a loan of ₹400 Crores was granted, it was submitted. .After hearing the arguments, Justice Anuja Prabhudessai granted bail to Thapar upon furnishing a bail bond of ₹2 lakh. Thapar will not be released from custody as he continues to remain in Tihar jail for another case which is also being investigated by ED..Besides Jethmalani, advocates Sandeep Kapur, Ravi Sharma and Gunjan Mangla along with Abhimanshu Dhyani and Vivek Suri of Karanjawala & Co. appeared on behalf of Thapar.A detailed order is awaited.