Mumbai, October 21, 2026: The Bombay High Court on Wednesday set aside the attachment of properties worth Rs 25 crore belonging to entities linked to Pune-based businessman Avinash Bhosale and his family in a money laundering case, holding that the Enforcement Directorate (ED) had failed to establish a link between the transactions and alleged proceeds of crime.
A bench of Justices Ajey Gadkari and Kamal Khata allowed an appeal filed by Bhosale, his wife Gauri Bhosale and Samit Realty Pvt Ltd. The court also dismissed the ED’s appeal challenging an order of the Appellate Tribunal that had continued the provisional attachment of the properties.
Properties Worth Rs 25 Crore
The tribunal had continued the attachment of a 6,143.71-square-metre land parcel in Pune, valued at Rs 14.65 crore, and a 20,200-square-metre land parcel in Nagpur held in Gauri Bhosale’s name, as part of the Rs 25 crore attachment.
The case arose from the ED’s investigation into alleged proceeds of crime of Rs 3,983 crore linked to Yes Bank’s financial transactions with Dewan Housing Finance Corporation Ltd (DHFL).
The agency alleged that Rs 164.64 crore had reached Bhosale and entities associated with him through transactions involving investments, consultancy agreements and the sale of a dairy business.
Court Questions ED's Arguments
Rejecting the ED’s arguments, the court said it was unable to understand how official banking transactions conducted in the ordinary course of business could be treated as proceeds of crime.
“We are unable to comprehend, nor has the learned Special Counsel for the ED been able to explain, how official bank transaction(s) between a Bank and a Corporate entity, carried out in the usual course of business, could be construed as proceeds of crime,” the bench observed.
The court also questioned the agency’s attempt to link payments made under consultancy agreements and earlier business transactions to loans disbursed by Yes Bank to DHFL in April 2018. It noted that several payments had been made before the loan disbursal and could not be linked to the alleged proceeds of crime.
The bench further said that a loan transaction could not, by itself, be termed a kickback, rejecting the ED’s allegation concerning a Rs 600 crore loan given by DHFL to DOIT Urban Ventures.
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Holding that the transactions could not be treated as illegal on the material placed before it, the court said there was no basis to continue the attachment.
“Having concluded that all the transactions were legal transactions and could not be construed as proceeds of crime, we find no basis for continuing the attachment of the properties,” the court said.
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