The Delhi High Court on Wednesday denied bail to Avantha Group promoter Gautam Thapar, who was arrested in connection with the Yes Bank loan fraud case [Gautam Thapar v. Directorate of Enforcement]. The judgment was pronounced by Justice Manoj Kumar Ohri, who had reserved the verdict on February 11. Thapar has been in jail since August 3, 2021, on allegations of misappropriation of funds granted by Yes Bank in the form of loans. Senior Advocate Mukul Rohatgi had appeared for Thapar and argued that he has been in jail for the last six months and yet, no arrests have been made and no chargesheet has been filed by the Central Bureau of Investigation (CBI) in the predicate office. Rohatgi submitted that there is no case of money laundering, misappropriation, cheating or any other offence under the Indian Penal Code made out against Thapar. The worst allegations that can be attracted against Thapar is violation of some Reserve Bank of India guidelines, the senior lawyer had said. It was stated that there was adequate collateral security rendered by Avantha Group, and it was admitted to the position through a prosecution complaint filed by the Directorate of Enforcement (ED). The bail plea was opposed by the ED through Central Government Standing Counsel Amit Mahajan. The case of the CBI was that prime accused and Yes Bank founder Rana Kapoor had acquired property belonging to Avantha at a prime location in Delhi at a consideration less than its market value. The allegation was that he had official dealings in the form of loans with Avantha. The CBI further stated that Thapar had entered into a criminal conspiracy with Kapoor for the purpose of cheating and diverted the sale proceeds of the property for ever-greening other outstanding loans. As a favour, it was alleged, that an additional property of ₹1,360 crore was sanctioned and disbursed to other group companies belonging to Thapar. CBI had registered an offence against Thapar, Kapoor and other accused punishable under Sections 120B (criminal conspiracy), 420 (cheating) of the Indian Penal Code (IPC) and Sections 7, 11 and 12 of the Prevention of Corruption Act (PCA). Thapar and Kapoor were recently granted bail by a Special Court in Mumbai in a related money laundering case filed by the ED.