CBI Raids Avantha Group Founder Gautam Thapar In Rs 466 Crore Fraud Case

Sources say that the premier investigating agency conducted searches at around 20 locations, including the premises of Gautam Thapar, and recovered damning evidence.

The Central Bureau of Investigation today filed a case against billionaire Gautam Thapar, founder of the Avantha Group, and others for allegedly defrauding Yes Bank to the tune of Rs 466 crore. Sources say that the premier investigating agency conducted searches at around 20 locations, including the premises of Mr Thapar, and recovered damning evidence. Along with Mr Thapar, 60, the agency has also named Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, and their companies M/s Oyster Buildwell Pvt Ltd, Avantha Reality Pvt Ltd and unknown officials of Jhabua Power Ltd. The accused and their companies took huge loans from Yes Bank and due to non-payment over time their accounts turned NPAs or Non-Performing Assets, say sources.