Mumbai: A special court that Tuesday rejected the bail plea of Avantha Group promoter and businessman Gautam Thapar in a loan fraud case concerning Yes Bank, has said in its detailed order, that he is an influential person, some witnesses are his employees and the possibility of him influencing witnesses cannot be ruled out.
The case pertains to a loss of Rs. 1,800 to the bank caused by the Avantha group. The bank’s then MD and CEO Rana Kapoor is said to have obtained a prime property in Delhi in Amrita Shergill Marg for extending concessions and waivers to the group in credit facilities already availed by it, as also for extending further credit facilities. Kapoor’s wife Bindu Kapoor is also a co-accused. She was the director of the firm which purchased the bungalow belonging to the group that had been mortgaged to Yes Bank, at much below the market price.
Special Judge MR Purwar said in his order that Thapar is involved in a grave and serious economic offence affecting the economy of the country. It said there is a prima facie case and the nature and gravity of the offence is a grave and serious one. It also noted that he has antecedents.
The court said that from the chargesheet and connected papers, prima facie the allegations are that he and his co-accused committed offence which resulted in serious dent to the financial health of state.
Judge Purwar further said that prima facie the allegations are sufficient to show his complicity in it and considering the facts of the matter, the gravity and nature of the offence and in larger interest of society, it is not inclined to grant the relief.
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