Delhi Court Grants Bail to Avantha Group’s Madhav Acharya
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.
Doubts Revealed
Delhi Court -: A Delhi Court is a place where legal cases are heard and decided in Delhi, the capital city of India. Judges work here to make decisions based on the law.
Bail -: Bail is when a person who is accused of a crime is allowed to be free until their trial, usually by paying money as a promise to return to court.
Avantha Group -: Avantha Group is a large company in India that works in different industries like energy and manufacturing. It is owned by a businessman named Gautam Thapar.
Madhav Acharya -: Madhav Acharya is a senior official working for the Avantha Group, a big company in India.
Money Laundering -: Money laundering is when people try to hide where money came from, especially if it was earned illegally, to make it look like it was earned legally.
Gautam Thapar -: Gautam Thapar is an Indian businessman who owns the Avantha Group, a large company involved in various industries.
CG Power -: CG Power is a company in India that makes electrical equipment. It was linked to the money laundering case involving Avantha Group.
Section 45 -: Section 45 is a part of the Prevention of Money Laundering Act in India. It talks about the rules for granting bail in money laundering cases.
Prevention of Money Laundering Act -: The Prevention of Money Laundering Act is a law in India that helps stop money laundering by setting rules and punishments for those involved.
Enforcement Directorate -: The Enforcement Directorate is a government agency in India that investigates financial crimes like money laundering.
Attached properties -: Attached properties are assets that the government takes control of because they might be linked to illegal activities, like money laundering.