The Enforcement Directorate (ED) has attached land parcels valued at over Rs 78 crore, belonging to a company “beneficially owned” by businessman Gautam Thapar, as part of an investigation into a Rs 466 crore bank loan fraud involving Yes Bank. The federal agency provisionally seized 52.11 acres of land in Gurugram, Haryana. The probe centres around Oyester Buildwell Private Limited (OBPL), a company linked to Thapar.
This case, filed by the ED under the Prevention of Money Laundering Act (PMLA), stems from a CBI FIR against Thapar, OBPL and another of Thapar’s companies, Avantha Realty Ltd. The allegations suggest they engaged in “cheating” and “forgery” between 2017 and 2019, resulting in a loss of Rs 466.51 crore to Yes Bank.
According to the ED, OBPL secured a Rs 514.27 crore loan from Yes Bank in 2018 based on “sham” operations and maintenance (O&M) agreements. The agency claims that after deducting Rs 14.11 crore as a loan processing fee, OBPL transferred the remaining Rs 500.11 crore to sister companies under false pretences.
The loan, disbursed under “dubious” conditions, eventually became a non-performing asset (NPA), with only Rs 47.75 crore recovered, leaving Rs 466.51 crore as unrecoverable “proceeds of crime.”
The ED has already filed a charge sheet against 18 individuals, including Thapar and former Yes Bank promoter Rana Kapoor, before a special PMLA court in Delhi. Thapar, who was arrested in the case, is currently out on bail due to health reasons.