Image Credits: Outlook India,Magzter
In August 2019, CG Power and Industrial Solutions dismissed Gautham Thapar from his position as the chairman following an investigation that discovered an alleged financial scam in the firm worth multiple crores. The billionaire industrialist dismissed accusations that mentioned that he had stolen funds from the power equipment maker.
CBI investigations are underway at the CG House in Mumbai and five other locations by the Central Bureau of Investigation. They are conducting searches in regards to a loan default case involving Gautam Thapar. This is the second time such a thing has happened which involves Gautham Thapar.
The agency has previously searched 14 locations in the Delhi-National Capital Region (NCR) and three other cities soon after the FIR was registered.
The agency filed an FIR against Thapar, previously the promoter of Avantha group, Oyster Buildwell based out of Gurugram and others for allegedly redirecting loans worth Rs.466.51 from Yes Bank.
In the FIR it was stated that the company took advantage of the term loan facility and took out a loan of Rs.515 crore from Yes Bank in December 2017. On October 30, 2019, the loan amount was declared a non-performing asset.
In addition to that, the FIR also mentioned that the private company, its promoters, its holding company, as well as its directors, and others conspired, deceived, and perpetrated forgery to divert a significant amount of Rs.466.15 crore of public money.