ED Attaches Rs 78.18 Crore Properties in Gautam Thapar Loan Fraud Probe

The Enforcement Directorate has seized 24 properties valued at Rs 78.18 crore, linked to businessman Gautam Thapar, amid investigations into a Rs 466 crore Yes Bank loan fraud. The attached assets span 52.11 acres in Gurugram, Haryana.

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

The properties, spanning 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 comes under the Prevention of Money Laundering Act, following an investigation based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). The CBI's FIR alleged criminal breach of trust, cheating, conspiracy, and forgery, leading to a significant financial loss for Yes Bank during 2017-2019.

The ED's inquiry revealed that M/s Oyster Buildwell Pvt Ltd. secured a Rs 514.27 crore loan from Yes Bank in 2018 using fraudulent operation and maintenance (O&M) agreements. From the loan amount, Rs 14.11 crore was kept by Yes Bank as processing fees, while Rs 500.11 crore was transferred to the company's sister concerns under sham agreements. As a result, the loan turned into a non-performing asset, with only Rs 47.75 crore recovered out of the loan amount, leaving Rs 466.51 crore unrecovered.

The ED subsequently filed a prosecution complaint against 18 individuals, including Gautam Thapar and former Yes Bank CEO Rana Kapoor, in the Special Court (PMLA), New Delhi. Thapar, who was arrested in connection with the case, is currently out on bail for health reasons. Investigations are ongoing.

(With inputs from agencies.)