Confiscated property
The ED today provisionally seized immovable properties worth Rs 678.48 crore belonging to various group companies of Avanta Group owned and controlled by Gautam Thapar. The seized properties are lands in Haryana, Maharashtra and Uttarakhand. Let us tell you that on August 19, 2019, CG Power and Industrial Solutions Limited had disclosed those results to the Bombay Stock Exchange and the National Stock Exchange under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The company had committed a fraud
The disclosures made by CG Power & Industrial Solutions Ltd revealed that the liabilities and obligations of the company were significantly understated; advances given to related parties and other parties were understated; certain assets of the company were shown as collateral for loans taken by the company as co-borrower and/or guarantor, which were promptly withdrawn from the company without any authorisation.
SBI had complained
The lending banks of the company took note of this disclosure and based on the complaint made by SBI, CBI had registered an FIR dated 22nd June, 2021 under various sections of IPC, 1860 and Prevention of Corruption Act, 1988 against M/s CG Power & Industrial Solution Limited, Gautam Thapar, K N Neelkant, Madhav Acharya, B Hariharan, Omakar Goswami and unknown public servants and private persons for allegedly committing bank fraud of Rs 2435 crore on consortium of banks.
Two attachment orders were issued earlier
Based on the above FIR, ED initiated investigation under PMLA, 2002 and during the investigation, first two attachment orders were issued in which properties worth Rs 14.43 crore were attached. Madhav Acharya, a key employee of the company was also arrested in the month of January 2024 and a complaint was filed against him and other persons, Madhav Acharya was found involved in the case related to money laundering.
funds were diverted
Further investigation by ED revealed that Rs 1307.06 crore has been diverted from the funds of Avantha Group companies by taking loans. Most of the funds have been paid without proper permission of the board and the funds ultimately paid to Avantha Group companies are still due to Avantha Group. Hence, properties worth Rs 678.48 crore of Avantha Group companies have been seized. ED is investigating this matter further.
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