CBI arrests ABIL group chairman
MUMBAI: The Central Bureau of Investigation (CBI) on Thursday arrested Pune-based businessman Avinash Bhosale in connection with the fraud at Yes Bank involving DHFL. Bhosale was arrested from Pune and will be produced before a special CBI court on Friday, CBI sources said. Bhosale, the promoter of the Avinash Bhosale Infrastructure Ltd. (ABIL), is the father-inlaw of Maharashtra minister and Congress leader Vishwajit Kadam, who is the son of late Congress leader Patangrao Kadam.
Vishwajit Kadam heads a large network of educational institutions under the banner of Bharti Vidyapeeth.
Bhosale is also close to several other senior politicians in Maharashtra.
According to the central agency, between April and June 2018, the Yes Bank invested ₹3,983 crore in short term nonconvertible debentures / Masala Bonds of Dewan Housing Finance Corporation Limited (DHFL).
The bank had subsequently sanctioned a term loan of ₹750 crore to a DHFL group and in return, the then Yes Bank MD and CEO Rana Kapoor had received a kick-back of ₹600 crore from the DHFL in terms of a loan to his family firm, Doit Urban Ventures (India) Private
Limited.
The Enforcement Directorate (ED) has also launched a money laundering case against Bhosale, based on an FIR registered against him by Pune Police.
During its probe, ED had in August last year provisionally attached immovable assets worth ₹4 crore of ARA Properties linked to Bhosale.
ED has also provisionally attached the Corporate Office(s) of ABIL and its other group companies are situated under provisions of the Prevention of Money Laundering Act, 2002.
CBI had on April 29 also arrested Mumbai based builder Sanjay Chhabria of the Radius Group in connection with the fraud at Yes Bank, after CBI officials found the role of Chhabria while tracing the end use of the amount of ₹3,983 crore.
CBI officials said they found that soon after Dewan Housing Finance Corporation Limited received ₹2,700 crore from Yes Bank in the first week of June 2018, DHFL sanctioned loans of ₹1,100 crore and ₹900 crore to Radius Estate Projects Pvt. Ltd. (REPPL) and Sumer Radius Realty Pvt. Ltd. – both controlled by Chhabria.
CBI further claimed that Kapil Wadhawan of DHFL also disbursed loans amounting to ₹416 crore to M/s Radius Estates and Developers Pvt. Ltd. (REDPL) and REPPL without any appraisal or risk assessment of the said Radius Group concerns.