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ED said the disclosure made by CG Power and Industrial Solutions Ltd. revealed that assets and liabilities of the company have been understated considerably. File
| Photo Credit: PTI
The Enforcement Directorate has provisionally attached immovable properties worth about ₹678.48 crore belonging to various entities of Avantha Group owned and controlled by businessman Gautam Thapar.
The properties attached under the Prevention of Money Laundering Act are in the form of land located in Haryana, Maharashtra, and Uttarakhand.
The ED said on August 19, 2019, CG Power and Industrial Solutions Limited had made a disclosure under Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) regarding findings which had potential implications on the financial position of the company.
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“The disclosure made by CG Power and Industrial Solutions Ltd. revealed that assets and liabilities of the company have been understated considerably; that advances to related parties and unrelated parties have been understated; that certain assets company have been provided as collateral, the company was made a co-borrower and/or guarantor for enabling financing of loans which were immediately routed out of the company without due authorisation,” said the agency on Thursday (August 15, 2024).
The notice of the disclosure was taken by the lender banks of the company and on the basis of a complaint made by the State Bank of India, the Central Bureau of Investigation registered a First Information Report on June 22, 2021, against CG Power and Industrial Solution Ltd., Mr. Thapar, K N Neelkanth, Madhav Acharya, B. Hariharan, Omakar Goswami, and unknown persons, the ED said. The alleged fraud on the consortium of banks was to the tune of Rs 2,435 crore.
Based on the CBI case the ED initiated the money laundering probe. ‘During the course of investigation, earlier two provisional attachment orders were issued wherein properties valued about ₹14.43 crore were attached. One Key managerial Personnel of the company named Madhav Acharya was also arrested in January 2024 and a prosecution complaint has been filed against him and other persons found involved.
According to the ED, its probe revealed that ₹1,307.06 crore had been diverted to Avantha Group companies by availing loans. “Most of the funds have been paid without the due authorisation of board and the ultimately funds paid to Avantha Group companies remained still outstanding on Avantha Group. Therefore, the properties of Companies of Avantha Group worth of ₹678.48 crore have been attached,’ it added.
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