Yes Bank-DHFL case: realtor Avinash Bhosale arrested by CBI
The CBI suspects that illicit funds were routed through several real estate companies based in Maharashtra, they said.
2 min read
Avinash Bhosale (Photo Source: abilgroup.com)THE Central Bureau of Investigation (CBI) Thursday arrested ABIL Group Chairman and influential Pune-based builder Avinash Bhosale in connection with the Yes Bank-DHFL case.
An official in the agency said Bhosale had taken money from Yes Bank for business but diverted it for some other purposes. He is likely to be produced before the special CBI court in Mumbai on Friday.
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The agency had in April conducted searches at eight locations in Mumbai and Pune at the residences and offices of suspects in connection with the Yes Bank-DHFL case.
Among the places searched were properties linked to Avinash Bhosale and ABIL.
The CBI had in 2020 arrested Yes Bank founder Rana Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan, claiming that they had entered into a criminal conspiracy through which financial assistance was extended to DHFL in lieu of substantial undue benefit to Kapoor and his family members.
In June last, the Enforcement Directorate (ED) had seized assets worth over Rs 40 crore belonging to Bhosale and his family members as part of an ongoing investigation under the Foreign Exchange Management Act, 1999 (FEMA). These properties were seized as equivalent value of foreign securities, properties held by Bhosale and family members in contravention of FEMA.
The attached assets were in the form of equity shares and preference shares held in Classic City Investment Private Limited, promoted by Bhosale and his son, which owns three luxurious hotels in five star category – Hotel Westin at Pune, Hotel Le Meridian at Nagpur and Hotel W Retreat & Spa at Goa.
While Avinash Bhosale started his real estate ventures in the early 1980s, his son Amit is also learnt to be playing a key role in the group of companies. Known to be well connected with powerful politicians of the state, Bhosale’s daughter Swapnali is married to Congress minister in Maharashtra, Vishwajeet Kadam.
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