The Enforcement Directorate (ED) attached Wednesday assets of two builders to the tune of Rs 415 crore in connection with the Yes Bank-DHFL case. While assets worth Rs 251 crore belonging to Sanjay Chhabria have been provisionally attached by the agency, similar orders have been issued for properties worth Rs 164 crore belonging to builder Avinash Bhosale.
ED has provisionally attached assets worth Rs. 251 Crore of Sanjay Chhabria and assets worth Rs 164 Crore of Avinash Bhosale, (total asset worth of Rs. 415 crore) in Yes Bank- DHFL Fraud case under PMLA, 2002. Total attachment in the case stands at Rs. 1827 Crore.
— ED (@dir_ed) August 3, 2022
The development comes days after the Central Bureau of Investigation (CBI) seized an AgustaWestland chopper from a Pune-based premises of Bhosale in connection with the case.
According to the ED, the attached assets of Sanjay Chhabria are in the form of a land parcel in Santacruz, Mumbai worth Rs 116.5 crore; 25 per cent equity shares of Chhabria’s company held in land parcel in Bengaluru worth Rs 115 crore; a flat in Santacruz, Mumbai worth Rs 3 crore; profit receivable from hotel belonging to Chhabria located at Delhi airport worth Rs 13.67 crore and three high-end luxury cars belonging to him and worth Rs 3.10 crore.
In the case of Bhosale, the attached assets include a duplex flat in Mumbai worth Rs 102.8 crore; two land parcels in Pune worth Rs 14.65 crore and Rs 29.24 crore respectively; and two land parcels in Nagpur worth Rs 15.52 crore and Rs 1.45 crore respectively.
The ED is probing Rana Kapoor of Yes Bank and Kapil Wadhawan and Dheeraj Wadhawan of DHFL based on a CBI FIR.
It is alleged that Rana Kapoor had entered into a criminal conspiracy with Kapil Wadhawan and others for extending financial assistance to M/s DHFL by Yes Bank Ltd in lieu of substantial undue benefit to himself and his family members through the companies held by them.
“Rana Kapoor through M/s Yes Bank Ltd got invested Rs 3,700 crore in the short-term non-convertible debentures of DHFL and Rs 283 crore in Masala Bonds of DHFL. Simultaneous to this investment made by Yes Bank in DHFL, Kapil Wadhawan through DHFL paid a kickback of Rs 600 crore, in the garb of loan, to one of Rana Kapoor’s beneficially owned companies namely M/s DOIT Urban Ventures (India) Pvt. Ltd,” an ED statement said.
According to the agency, investigation further revealed that immediately after the said transfer of funds to the tune of Rs 3,983 crore by Yes Bank to DHFL, the latter appraised and sanctioned loans to Radius Group of Sanjay Chhabria which received funds to the tune of Rs 2317 crore as loan from DHFL in the name of development of his project “Avenue 54” at Santacruz, Mumbai. Sanjay Chhabria then diverted the same without using it for the declared purpose, the ED alleged.
According to the ED, Chhabria further connived with Bhosale and diverted funds to him in his various beneficially owned companies.
Bhosale had connived with Kapil Wadhawan of DHFL and received approximately Rs 71.82 crore from DHFL in the garb of providing certain services to DHFL and other entities, the ED statement said. The said services have never been provided and the same was utilised by Bhosale for his beneficial use, it added.
Earlier the ED had attached properties worth Rs 1,412 crore, seized five high-end vehicles of Wadhawans having an approximate value of Rs 12.59 crore, and also attached properties worth Rs 600 crore of Rana Kapoor in the case. With this, the total attachment is now Rs 1,827 crore in this case.