The Central Bureau of Investigation is conducting searches at CG House in Mumbai and five other locations in a loan default case involving Gautam Thapar, source told Moneycontrol on June 24, the second such action by the agency this month involving the billionaire industrialist.
CG Power and Industrial Solutions in August 2019 sacked Thapar as the chairman with immediate effect after an investigation unearthed an alleged multi-crore financial scam in the firm. Thapar denied allegations that he misappropriated funds of the power equipment maker, which is part of Avantha Group.
The searches on June 24 come a few days after the agency registered an FIR against Thapar, the promoter of Avantha group, Gurugram-based Oyster Buildwell and others for allegedly diverting loans worth Rs 466.51 from Yes Bank.
The agency had on June 9, 2021 searched 14 locations in the Delhi-National Capital Region (NCR) and three other cities after registering the FIR.
Oyster Buildwell Private Limited (OBPL) is part of Avantha group with over 97 percent stake held by Avantha Realty and the remaining by Thapar and Vani agencies, the agency alleged.
The FIR said the company availed term loan facility of Rs 515 crore from Yes Bank in December, 2017. The loan amount was declared non-performing asset on October 30, 2019.
The private company, its holding company, directors, promoters and others conspired, cheated and committed forgery to divert Rs 466.15 crore of public money, the FIR said.
Thapar is already being investigated in another case of diversion of public money in Yes Bank, allegedly involving the bank's former chief Rana Kapoor.
Murugappa Group took over CG Power and Industrial Solutions in late 2020.
(This is a developing story. Please check back for updates)
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