The Enforcement Directorate (ED) has taken significant action in the investigation of a massive bank loan fraud involving Yes Bank. The federal agency has attached land valued at over Rs 78 crore, which is owned by a company linked to businessman Gautam Thapar. This move is part of a larger probe into a Rs 466 crore bank loan fraud. Click here to join our whatsapp channel to receive banking news updates.
Land Seizure in Gurugram
The ED has provisionally seized 52.11 acres of land in Gurugram, Haryana. This land is owned by Oyester Buildwell Private Limited (OBPL), a company connected to Thapar. The seizure is a result of an investigation into how OBPL allegedly manipulated financial transactions and committed fraud.
Background of the Case
The case against Thapar and his companies is being investigated under the Prevention of Money Laundering Act (PMLA). It began with a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). The allegations involve Thapar, OBPL, and another of Thapar’s firms, Avantha Realty Ltd. They are accused of “cheating” and “forgery” from 2017 to 2019, leading to a financial loss of Rs 466.51 crore for Yes Bank.
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