The CBI on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate group ABIL group, in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Vadhawan of DHFL, officials said.
The CBI had on April 30 conducted multiple raids at multiple locations in Mumbai and Pune in search of Avinash Bhosle.
Premises linked to the builder and businessman Shahid Balwa were also raided by the CBI officials. Avinash Bhosale was arrested in an alleged corruption case involving Yes Bank founder Rana Kapoor and DHFL’s Kapil Wadhawan.
The CBI suspects that the illegal money was routed through several real estate companies based in Maharashtra. In the same case, Radius Group builder Sanjay Chabria was arrested in April this year. Radius Group had obtained huge loans from DHFL (Dewan Housing Finance Ltd.) and Yes Bank.
Avinash Bhosale, promoter of ABIL group of companies, was arrested by CBI today in connection with the DHFL-Yes bank loan case. CBI has conducted multiple searches at his premises last month (April).
CBI Report
According to the CBI FIR, the scam started taking shape between April and June 2018, when Yes Bank invested ₹3,700 crores in short-term debentures of scam-hit DHFL.
In return, Wadhawan allegedly “paid a kickback of ₹600 crores” to Kapoor and family members in the form of a loan to DoIT Urban Ventures (India) Pvt Ltd, they said.
Back Story
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 instead 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 the five-star category – Hotel Westin at Pune, Hotel Le Meridian at Nagpur, and Hotel W Retreat & Spa at Goa.
