ED Attaches Land Worth Rs 78 Crore in Yes Bank Loan Fraud Probe

The Enforcement Directorate (ED) has attached over 52 acres of land worth Rs 78 crore in Gurugram, allegedly beneficially owned by businessman Gautam Thapar. The action is part of a probe into a Rs 466 crore bank loan fraud at Yes Bank, involving Thapar's companies Oyester Buildwell Private Limited and Avantha Realty Ltd.

The Enforcement Directorate (ED) has attached land parcels worth over Rs 78 crore in Gurugram, Haryana. The land is allegedly beneficially owned by businessman Gautam Thapar and is linked to a Rs 466 crore bank loan fraud case at Yes Bank.

The investigation centers on a company called Oyester Buildwell Private Limited (OBPL), whose alleged beneficial owner is Thapar. OBPL reportedly obtained a loan of Rs 514.27 crore in 2018 from Yes Bank based on fake maintenance agreements, of which Rs 500.11 crore was siphoned off to its sister concerns.

The loan became a non-performing asset, with most of the amount remaining unrecoverable. A charge sheet has been filed against 18 individuals, including Thapar, who was arrested but is currently out on bail. The case involves multiple sections of the Prevention of Money Laundering Act (PMLA).

(With inputs from agencies.)