ED seizes properties worth Rs 78.18 crore in Gautam Thapar loan fraud probe

The Enforcement Directorate (ED) has provisionally seized 24 properties worth Rs 78.18 crore linked to businessman Gautam Thapar in connection with a loan fraud case involving over Rs 466 crore in Yes Bank, a statement said on Saturday.

The properties, spread over 52.11 acres in Gurugram, Haryana, belong to M/s Oyster Buildwell Private Limited, a company reportedly beneficially owned by Thapar. The ED’s action is under the Prevention of Money Laundering Act and follows an investigation based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). The CBI’s FIR alleges criminal breach of trust, cheating, conspiracy and forgery, which resulted in significant financial loss to Yes Bank between 2017 and 2019.

The ED’s investigation revealed that M/s Oyster Buildwell Pvt Ltd. obtained a loan of Rs 514.27 crore from Yes Bank in 2018 through fraudulent operation and maintenance (O&M) contracts. Of the loan amount, Yes Bank retained Rs 14.11 crore as processing fee while Rs 500.11 crore was transferred to the company’s sister companies under bogus contracts. As a result, the loan became a non-performing asset with only Rs 47.75 crore recovered from the loan amount, leaving Rs 466.51 crore uncollectible.

The ED then filed charges against 18 people, including Gautam Thapar and former Yes Bank CEO Rana Kapoor, in the Special Magistrates Court (PMLA) in New Delhi. Thapar, who was arrested in connection with the case, is currently out on bail on health grounds. The investigation is ongoing.

(With contributions from agencies.)