NS Enforcement Directorate (ED) has alleged bank loan fraud involving Gautam Thapri was mutually beneficial to Avanta Group, Merchant and Promoted by Yes Bank. The central agency, opposing Thapar’s bail plea, told a local court on Friday that the proceeds of the crime had been sent to companies worth Rs 131 crore. Mauritius.

To substantiate its allegation that Avantha and Yes Bank benefited from the fraud, the agency cited emails dated August 4, 2017 and August 8, 2017, which were purportedly by Thapar, the then managing director and chief executive of Yes Bank. Sent to Rana Kapoor. In an email, the agency alleged, Thapar wrote to Kapoor “indicating that a PE investor has an interest in (Avanta Group) companies and due diligence is on and they are attempting to provide a safe exit from Avanta to Yes Bank.” Will do group”.

The agency has claimed that a loan transaction between Yes Bank and Oyster Buildwell – a company said to have been controlled by Thapar – was the result of a “criminal conspiracy hatched by officials of Avantha Group and Yes Bank”.

The agency further said, “Avanta Group was going through a financial crisis and wanted to mitigate the risk in Yes Bank Group”. The ED said that for this, various meetings were held where bank officials asked Avantha Group to either reduce the risk or provide additional security to the bank to secure its existing unsecured loans.