Avanta Group promoter and businessman Gautam Thapar was on Tuesday denied bail by a special CBI court in the city in a case concerning defrauding Yes Bank of Rs 1,800 crore. The bank’s founder and former CEO Rana Kapoor is Thapar’s co-accused in the case and allegedly got a quid pro quo of Rs. 307 crores for extending credit facility to the group.
Thapar had sought bail stating that he had not been arrested during the probe of the case and the chargesheet has already been filed. He also contended through his legal firm Karanjawala & Co. that no cheating had been committed and that the entire amount had been repaid to the bank.
He had also reasoned that he was not a flight risk as there was already a lookout circular against him and said that he was ready to surrender his passport to authorities.
