Central Bureau of Investigation (CBI) has filed a case alleging breach of trust, cheating, criminal conspiracy and forgery by Avantha Group founder Gautam Thapar, Oyster Buildwell Private Limited (OBPL) and various others; which allegedly caused a loss of Rs. 466.15 crores to Yes Bank. CBI has recovered incriminating documents and digital evidence during the searches conducted at 14 locations in Delhi/NCR, Lucknow, Secunderabad and Kolkata; including residences of the accused
Yes Bank's complaint has claimed that a subsidiary of OBPL was given a long-term loan of Rs. 515 crores for a period of 10 years in December 2017, for an operations and maintenance (O&M) contract of a 600 MW power plant. However, the company started defaulting on repayment which led to declaration of the loan account as an non-performing asset (NPA) on 30 October 2019, and further as a "Red Flagged Account" on 6 March 2020 on the basis of Early Warning Signals (EWS).
With total outstanding principal dues at Rs. 466.15 crore, the bank's forensic audit revealed that only Rs. 14.16 crore of the total disbursed loan was transferred for the destination of its sanction, while whereabouts of over Rs. 500 crores couldn't be determined. After an internal review of documents, Yes Bank discovered that the sanctioned loan was used to clear outstanding dues of Gautam Thapar-led Avantha Group.
In 2020, CBI booked Yes Bank's ex-MD Rana Kapoor and family in a fraud case where he was accused of taking Rs. 307 crores as bribe by buying a bungalow from Avantha Realty. In lieu of this transaction, Rana allegedly went easy on loans taken by Thapar's companies where public money was purportedly diverted from 2017 to 2019.
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