Delhi court grants bail to senior official of Avantha Group in PMLA case

                On Friday, the Rouse Avenue Court in Delhi 
granted bail to Madhav Acharya, a senior 
official of the Avantha Group, in a money 
laundering case. This case originated from a 
June 2021 
FIR by the CBI against Gautam Thapar, CG 
Power and Industrial Solutions Ltd., and 
others. Senior Advocate Vikas Pahwa 
represented Acharya before Special Judge 
Sanjeev Agarwal, 
who granted bail under Section 45 of the 
Prevention of Money Laundering Act (PMLA).
The judge noted that the evidence against 
Acharya was insufficient to meet the 
requirements of Section 45 of PMLA, 
indicating the case was not prima facie 
genuine. The court 
emphasized that further incarceration would 
violate Acharya’s right to a speedy trial and 
liberty under Article 21 of the Constitution.
The case involves money laundering 
allegations linked to the Avantha Group and 
Gautam Thapar, amounting to approximately 
Rs. 1,929.88 crores and Rs. 6.33 crores. The 
Enforcement 
Directorate (ED) has provisionally attached 
properties worth Rs 678.48 crore belonging to 
Avantha Group entities in Haryana, 
Maharashtra, and Uttarakhand under PMLA.
On August 19, 2019, CG Power and Industrial 
Solutions Limited disclosed findings to the 
Bombay Stock Exchange and the National 
Stock Exchange, potentially impacting the 
company’s 
financial position.

Source : Economic Times