The Bombay High Court on Friday granted bail to Gautam Thapar, the promoter of Avantha Group and non-executive chairman of Avantha Realty in connection with the Yes Bank fraud case involving a transaction of Rs 307 crore with the realty company.

A single bench of Justice Anuja Prabhudessai granted bail to Thapar on a bond of Rs 2 lakh.

The CBI had registered an offence against Thapar, Yes Bank founder Rana Kapoor and other accused 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).

According to the investigating agency, Kapoor, the prime accused in the case, had acquired property belonging to Avantha at a prime location in Delhi at a considerably lower price than its market value.

The allegation was that Kapoor had official dealings in the form of loans with Avantha.

The CBI has alleged that Thapar had entered into a criminal conspiracy with Kapoor for the purpose of cheating.

The central agency filed a chargesheet on October 8, 2021. Thapar was arrested by the ED in a money laundering case registered by it based on the CBI probe.

Thapar's counsel Mahesh Jethmalani, along with Karanjawala and Co firm, stated that after the FIR was registered, Thapar had participated in the investigation as and when he was called upon.

Advocate Hiten Venegaokar for the CBI argued that Thapar, along with co-accused Rana Kapoor and his wife Bindu Kapoor, had hatched a criminal conspiracy in various financial transactions and committed fraud.

Yes Bank had already extended credit facilities of approximately Rs 2,500 crore to various Avantha companies and yet a loan of Rs 400 crore was granted, it was submitted.