The Central Bureau of Investigation on Monday filed a chargesheet against former Yes Bank Managing Director Rana Kapoor and Avantha Group promoter Gautam Thapar in an alleged bank fraud case, PTI reported.
The central agency has alleged that public money was misappropriated by the accused persons between 2017 and 2019 that caused losses of Rs 466.51 crore to Yes Bank.
The accused persons committed criminal breach of trust, cheating, criminal conspiracy and forgery, the Central Bureau of Investigation alleged, according to ANI.
“Searches were earlier conducted on June 5, 2021, at several premises including the official/residential premises of the accused which led to the recovery of several documents and digital evidence,” the agency said.
The Central Bureau of Investigation has also named construction and repairs company Oyster Buildwell Private Limited in the chargesheet, according to PTI.
A complaint by Yes Bank had stated that Jhabua Power Limited, a group concern of Oyster Buildwell, entered into a ten-year operations and maintenance contract for its power plant with its holding company, Jhabua Power Investment Limited.
Oyster Buildwell, which is part of the Avantha Group, was required to pay a security deposit worth Rs 515 crore to Jhabua Power, according to the Central Bureau of Investigation. Yes Bank had reportedly sanctioned a loan to Oyster Buildwell for this purpose.
However, Oyster Buildwell defaulted on its payments and its account turned into a non-performing asset on October 30, 2019, according to PTI.
Yes Bank’s complaint said that it found that only Rs 14.16 crore of the loan amount was transferred to JPIL, and that “ultimate end use of Rs 500.11 crore loan fund could not be ascertained”.