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ABIL group chairman Avinash Bhosale’s ED custody extended till July 11

ED alleged that Bhosale had connived with co-accused Sanjay Chhabria and illegally obtained funds to the tune of Rs 431 crore in an entity owned by Bhosale.

avinash bhosaleABIL Group chairman and Pune-based builder Avinash Bhosale. (File)

A special court on Tuesday allowed an Enforcement Directorate (ED) plea to extend the custody of ABIL group chairman and Pune-based builder Avinash Bhosale in connection with the DHFL case of alleged money-laundering. Bhosale was sent to further custody of ED till July 11. He was earlier arrested by the CBI in connection with the same case.

The ED in its remand plea said Bhosale owns the ABIL Group, which comprises 84 entities including 40 companies. It alleged that Bhosale had connived with co-accused Sanjay Chhabria and illegally obtained funds to the tune of Rs 431 crore in an entity owned by Bhosale. It said this was the same period when Chhabria had received funds from DHFL for the development of a project. “The project is still incomplete and the loan accounts have turned into NPA (non-performing assets),” the ED submitted in its remand plea.

Lawyers Vijay Aggarwal and Rahul Agarwal representing Bhosale submitted that further police custody is not required as the ED had not submitted cogent reasons for seeking an extension. Special Judge M G Deshpande said that while much of the investigation is over, further custody is required for the ED ‘to achieve finality to the investigation’.

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First published on: 05-07-2022 at 11:29:18 pm
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