[Yes Bank scam] Mumbai court rejects Gautam Thapar bail plea

A Mumbai court on Tuesday refused to grant bail to Gautam Thapar , non-executive Chairman of Avantha Realty which is embroiled in the Yes Bank scam [Gautam Thapar v. CBI].

. The case of the Central Bureau of Investigation (CBI) was that prime accused and Yes Bank founder Rana 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.

CBI had registered an offence against Thapar, Kapoor and other accused 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).

. CBI filed a chargesheet on October 8, 2021 and the court took cognizance on October 12, 2021 and issued summons to the accused. Thapar appeared through his counsel as he is lodged in Tihar jail for another case with the Enforcement Directorate (ED).

. Thapar prayed for regular bail in light of the fact that chargesheet has been filed.

He submitted that being a citizen of the country and an office bearer at Avantha, he would not abscond.

Senior Advocate Mahesh Jethmalani, appearing for Thapar, said that Thapar had co-operated during the investigation and furnished all information.

The investigating officer did not find reason to seek custody of the applicant during investigation and has not arrested him. Hence, no purpose would be served if Thapar is taken into custody when the chargesheet has already been filed, it was contended.

It was also pointed out that the case rested on voluminous documentary evidence which is in possession of the investigating agency and the trial may take a long time to conclude.

He added that Thapar had no criminal antecedents and the offences charged against him were punishable for upto 7 years in prison.

. Special Prosecutor for CBI argued that it is an economic offence which in itself is grave and serious in nature. Co-accused Kapoor, his wife Bindu Kapoor and Thapar hatched criminal conspiracy in various financial transactions and committed fraud, it was alleged.

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 to ARL, it was submitted.

“The applicant is also involved in another economic fraud offence. He is having criminal antecedents. Many of the witnesses are employees of the applicant. Applicant is an influential person. There is every possibility of tampering with the evidence and influencing the witnesses by the applicant. The applicant is married to lady of Foreign Nationality and has business interest abroad. As such there is every possibility of absconding,” it was pointed out.

. Special CBI judge MR Purwar observed that “prima facie the allegations are sufficient to show the complicity of the applicant (Thapar) in a grave and serious offence.”

Considering the facts of the matter, the gravity and nature of the offence and the larger interest of the society, the Court rejected the bail plea.

. Jethmalani appeared with advocate Gunjan Mangla briefed by Advocates Sandeep Kapur, Vivek Suri and Abhimanshu Dhyani from Karanjawala & Co. Special Public Prosecutor PKB Gaikwad appeared for CBI.

A special CBI court and Bombay High Court had earlier rejected bail pleas filed by Rana Kapoor.

[Read Order]

.Section 17A PCA sanction: Bombay High Court to decide on maintainability of Rana Kapoor plea before single-judge

[Yes Bank scam] Mumbai court rejects Gautam Thapar bail plea

Neha Joshi

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