Mumbai: Special CBI Court Rejects Gautam Thapar’s Bail Plea
(Judicial Quest News Network)
A special CBI court on Tuesday rejected the bail plea of businessman Gautam Thapar. a charge sheet was filed against the accused on 08-10-2021, against Gautam Thapar non-executive chairman of Avantha holdings limited (ahl), which is embroiled in yes bank scam.
The CBI submitted that prime accused and YES bank founder and co-accused Rana Kapoor, Bindu Kapoor and the applicant hatched criminal conspiracy in various financial transactions and committed fraud. A valuation report dated 22-09-2017 has calculated the value of ASM property at Rs.562 crores the ASM property was mortgaged with YES bank Limited, co-accused rana Kapoor being MD and CEO of YBL entered into criminal conspiracy with his wife co-accused Bindu Kapoor director of M/S Bliss Abode Private limited (BAPL) and applicant, promoter of AG Companies for the purpose of obtaining illegal gratification mortgage property in a prime location at much less then the realizable market value belonging to ARL for extending concessions, relaxations and waivers in the already existing credit facilities provided to Avantha Group Limited (AGL) and for advancing new/additional loans to them. The YBL had already extended credit facilities to the tune of Rs.2500 crores approx. to various AGL companies , still a loan of Rs. 400 crores were granted to ARL.
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-Green other outstanding loans. As a Favour.it was alleged, that an additional property of Rs1,360 crores was sanctioned and disbursed to other group of companies belonging to Thapar.
CBI has registered a case 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).
The Chargesheet was filed on October 8,2021 and 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’s legal team from Karanja Wala & Company argued he was not arrested during the investigation and that the charge sheet had already been filed. They also told court Thapar had duly co-operated in the investigation by joining the probe as and when required.
Senior Advocate Mahesh Jethmalani, appearing for Thapar said that the investigation officer did not find any reason to seek custody of the applicant during the investigation and has not arrested him. Hence, no purpose would be severed if Thapar is taken into custody when the charge sheet has already been filed.
It was also pointed out that the case rested on voluminous documentary evidence which is in possession of the investigation 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 up to 7 years in prison.
Special Prosecutor for CBI argued that it is an economic offence which in itself grave and serious in nature’s-accused Kapoor, his wife Bindu Kapoor and Thapar hatched criminal conspiracy in various financial transactions and committed fraud.
The applicant is also involved in another economic offence. He is having criminal antecedents. Many of the many of the witnesses of the applicant. Applicant is an influential person. There is every possibly 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. The fact on non-arrest during the investigation itself is not sufficient for grant of bail. Making payment of outstanding amount of fraud is not sufficient to wipe out criminal liability. He prayed for rejection of the bail application.
Considering the facts of the matter, the gravity and nature of the offence and the interest of the society, the Court rejected the bail plea.
Jethmalani appeared with advocate Gunjan Mangla briefed by Advocates Sandeep Kapor, Vivek Suri and Abhimanshu Dhyani from Karanja Wala & Co.
Special public prosecutor PKB Gaikwad appeared for CBI.
