DHFL-Yes Bank case: Avinash Bhosale to spend weekend at CBI's BKC guest house

The special court adjourned the hearing in Bhosale’s remand till May 30

Somendra SharmaUpdated: Friday, May 27, 2022, 10:32 PM IST
article-image
DHFL-Yes Bank case: Avinash Bhosale to spend weekend at CBI's BKC guest house | Photo Credit: http://www.abilgroup.com

The Central Bureau of Investigation (CBI) that had arrested Pune businessman Avinash Bhosale in connection with the Yes Bank and DHFL fraud case, has claimed that companies of Bhosale are beneficiaries of diverted amounts to the extent of Rs 292.50 crore from the Radius Group Concerns of Sanjay Chhabaria in as much as that after receiving loans aggregating to Rs 2000 crores from DHFL, M/s Sumer Radius Realty Pvt Ltd diverted the said amount to M/s Nibodh Realty LLP and ABIL Dairy, companies of Bhosale. After the arrest, Bhosale will spend two days in CBI guest house in BKC and his remand arguments will continue on Monday.

Despite being arrested by the CBI, Bhosale will be spending the weekend in the central agency’s guest house at BKC as the arguments in his remand could not be concluded on Friday.

Bhosale’s advocate opposed the CBI remand contending that the businessman’s arrest was illegal. However, the CBI sought to file reply to the allegations regarding his arrest.

The special court then adjourned the hearing in Bhosale’s remand till May 30.

The court, however, turned down his advocate’s request that Bhosale be kept under house arrest till then. Following the prosecutor’s suggestion, the court said that he be kept at the central agency’s guest house at BKC.

The court has allowed Bhosale’s advocates, Vijay Agarwal and Dhawal Mehta, to visit him for an hour for two days, between 5 pm and 6 pm.

The court noted that due to peculiar circumstances and due to court time getting over (on Friday) and May 28 and 29 being holiday; it is granting time to the CBI to file its reply till May 30.

According to the CBI, Bhosale has been arrested in connection with an FIR filed by the agency in March 2020. As per the FIR, during the year 2018 -19 Rana Kapoor, the then promoter Director and CEO of M/s Yes Bank Limited entered into a criminal conspiracy with Kapil Wadhawan, promoter Director of M/s DHFL and others for extending financial assistance to M/s DHFL by M/s Yes Bank Limited in lieu of substantial undue benefit to himself and his family members through the companies held by them.

It was alleged that Yes Bank Ltd invested an amount of Rs 3983 crores in Short Term Non Convertible Debentures or Masala Bonds of M/s DHFL during the period April-June 2018, shortly after Kapil Wadhawan, paid a kickback of Rs 600 crore to Rana Kapoor and his family members in the garb of a builder loan of Rs 600 crore sanctioned by DHFL to M/s DOIT Urban Ventures (India) Pvt Ltd, a wholly owned subsidiary of M/s RAB Enterprises (India) Pvt Ltd in which Kapoor's wife Bindu was a director, CBI claimed.

The family of Rana Kapoor held 100 percent shares in M/s DOIT Urban Ventures (India) Pvt Ltd. It was further alleged that Yes Bank Ltd also sanctioned a term loan of Rs 750 crores to M/s RKW Developers Pvt Ltd, another DHFL Group Company for their Bandra reclamation project, which was siphoned off by Kapil Wadhawan and Dheeraj Wadhawan by way of transfer to M/s DHFL without making any investment in the said Bandra reclamation project, CBI has alleged.

"During further investigation of the case, criminal complicity of Avinash Bhosale emerged as an accused and it was revealed that companies of Bhosale received an amount of Rs 68.82 crore from DHFL in the year 2018 in the garb of consultancy services provided for three projects. The contracts between DHFL and companies of Bhosale envisaged the specific services to be provided by Bhosale, his companies to DHFL. However, no services were provided and instead the entire payment was obtained by the companies of Bhosale without performance of any work or service. No project evaluation report or other consultancy was provided by Bhosale to M/s DHFL, despite having received the said consultancy fee. Bhosale could not provide any satisfactory explanation. It is relevant to mention that the said amounts have been diverted by DHFL against high processing fee charged from the borrowers and are therefore diversions from the loan," CBI alleged in the remand application filed against Bhosale in the court on Friday.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Thane: Truck kills 24-year-old biker in Bhiwandi

Thane: Truck kills 24-year-old biker in Bhiwandi

Shinde-Fadnavis govt’s push for bullet train project: BKC land for construction of underground...

Shinde-Fadnavis govt’s push for bullet train project: BKC land for construction of underground...

Indian envoy in Nepal inaugurates schools built under India's grant assistance

Indian envoy in Nepal inaugurates schools built under India's grant assistance

Calculating BMI, bonding over Bollywood, South Asian fellows interact with school-goers in Mumbai

Calculating BMI, bonding over Bollywood, South Asian fellows interact with school-goers in Mumbai

Panvel: PMC to take help of NGO to create awareness on single-use plastic ban

Panvel: PMC to take help of NGO to create awareness on single-use plastic ban