look news india
The ED today charged various group companies of the Avantha Group owned and controlled by Gautam Thapar for Rs. 678.48 crore worth of immovable assets have been provisionally attached. The seized assets include lands in Haryana, Maharashtra and Uttarakhand.
Let us inform you that on August 19, 2019, CG Power and Industrial Solutions Limited disclosed those results to the Bombay Stock Exchange and the National Stock Exchange under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
There was a commotion in the company
Disclosures made by CG Power and Industrial Solutions Ltd revealed that the obligations and liabilities of the company were significantly understated; advances paid to related parties and other parties have been understated; certain assets of the company were shown as collateral for loans given to the company by co-borrowers and/or guarantors, which were promptly siphoned off from the company without any authorisation.
SBI complained
The lending banks of the company took note of the announcement and on 22nd June 2021, based on a complaint from SBI, CBI, a case was filed against M/s CG Power and Industrial Solutions Ltd under various sections of IPC, 1860 and Prevention of Corruption Act, 1988. The FIR was filed against the consortium of banks, Gautam Thapar, KN Neelkant, Madhav Acharya, B Hariharan, Omkar Goswami and an unknown public servant and a private person for committing a bank fraud of Rs. 2435 crore.
Earlier two attachment orders were issued
Based on the above FIR, ED initiated an investigation under PMLA, 2002 and during the investigation, the first two attachment orders were issued in which assets worth Rs. 14.43 crore were seized. In January 2024, Madhav Acharya, a key employee of the company, was also arrested and a complaint was filed against him and other persons, Madhav Acharya was found to be involved in a case related to money laundering.
Funds were diverted
Further investigation by ED revealed that Avantha Group companies were given loans worth Rs. 1307.06 crore from its funds and Rs. 1307.06 crore were withdrawn and diverted. Most of the funds have been disbursed without proper board approval and the funds ultimately disbursed to Avantha Group companies are still due to Avantha Group. Hence, assets worth Rs. 678.48 crore have been seized from Avantha Group companies. ED is conducting further investigation in this regard.
