A Delhi court on Wednesday sent Avantha Group promoter Gautam Thapar to one-day custody of the Enforcement Directorate in connection with a Rs 500 crore money laundering case. Thapar was arrested on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai. The agency told Special Judge Sanjeev Aggarwal in a hearing held through video conferencing that investigation revealed that around Rs 500 crore worth proceeds of crime were laundered through Oyster Buildwell Pvt Ltd (OBPL), Jhabua Power Limited (JPL), Jhabua Power Investment Ltd. (JPIL), Avantha Power & Infrastructure Ltd (APIL), Avantha Realty Ltd. (ARL) etc. which were being controlled and beneficially owned directly or indirectly by Thapar. The probe revealed that sham agreements were made by these entities to fraudulently obtain huge amount running into more than 500 Crores from Yes Bank and further by different modes of layering the tainted amount was laundered and the loan
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