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).