Avantha Group Money Laundering Case
Once again India is witnessing a step taken for the prevention of money laundering by business tycoons. On 4 August 2021, ED (Enforcement Directorate) arrested Mr. Gautam Thapar, former chairman of CG Power and Industrial Solutions Limited and promoter of Avantha Group. Before you start thinking that Mr. Thapar has a negative personality, let me tell you that it was under his leadership that the sick subsidiary of Avantha Group, Ballarpur Industries Limited (BILT), yielded profit within a year. He was able to make the business unit profitable even without having specialized knowledge or prior experience. Now, isn't this strange that such a capable man landed up in jail? To understand the entire story let us travel back to the past! Mr. Thapar, after facing employment issues and his U.S. visa being at the verge of expiry returned to India. Although he studied chemical engineering in the U.S., he shouldered the turnaround responsibility of BILT and with his success he got ...