He allegedly routed illicit funds through several real estate companies based in Maharashtra
He allegedly routed illicit funds through several real estate companies based in Maharashtra
The Central Bureau of Investigation (CBI) court remanded the chairman of the real estate group ABIL,┬аAvinash Bhosale, in CBI custody till June 8 in an alleged case of corruption involving Yes Bank and Dewan Housing Finance Corporation Ltd. (DHFL).
Mr. Bhosale, arrested on May 26 by the Central agency, has been staying at the CBI guest house since then. He was arrested for┬аallegedly routing illicit funds through several real estate companies based in Maharashtra.
On April 30, the CBI searched eight premises in Mumbai and Pune belonging to Mr. Bhosale and the builders Shahid Balwa and Vinod Goenka.
On April 28, the CBI arrested the Mumbai-based realtor Sanjay Chhabria of Radius Developers in the case.
According to the agency, during 2018-19, Yes Bank founder Rana Kapoor, also the then promoter and CEO of the bank, entered into a criminal conspiracy with Kapil Wadhawan, promoter and director of DHFL, and others for extending financial assistance to DHFL in lieu of substantial undue benefit to himself and his family members through the companies held by them.
The CBI said that from April to June in 2018, Yes Bank invested тВ╣3,700 crore in the short-term debentures of DHFL. Simultaneously, Mr. Wadhawan paid a kickback of тВ╣600 crore to Mr. Kapoor and his family members in the garb of a builder loan given by the DHFL. It has been learnt that DHFL has not redeemed the тВ╣3,700 crore yet.
Mr. Bhosale was arrested by the┬аDirectorate of Revenue Intelligence┬аin 2007 for┬аalleged evasion of customs duty┬аof┬атВ╣50 lakh┬аwhen he was returning from London but was later granted bail.
