Pune: CBI arrests ABIL group chairman Avinash Bhosale in Yes Bank-DHFL scam case

CBI, on April 30, had searched premises linked to ABIL Group.

Somendra SharmaUpdated: Thursday, May 26, 2022, 11:03 PM IST
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Pune: CBI arrests ABIL group chairman Avinash Bhosale in Yes Bank-DHFL scam case | Photo Credit: http://www.abilgroup.com

The Central Bureau of Investigation (CBI) has arrested Pune businessman Avinash Bhosale in connection with the Yes Bank and DHFL fraud case.

A CBI official from Delhi confirmed the arrest and stated that Bhosale will be produced before the court on Friday to seek his custodial remand.

On April 30, CBI carried out searches at eight locations in Mumbai and Pune at the premises linked to builders Shahid Balwa, Vinod Goenka and Avinash Bhosale.

The CBI had last month arrested builder and MD of Radius Group Sanjay Chhabria in connection with the said case.

As per CBI officials, in June 2018, DHFL appraised and sanctioned loans of Rs 1,100 crore and Rs 900 crores to M/s Radius Estate Projects Pvt Ltd (REPPL) and Sumer Radius Realty Pvt Ltd (SRRPL), respectively, two companies controlled by Chhabria. Kapil Wadhawan of DHFL also disbursed loans amounting to Rs 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.

The CBI said in its remand application that pursuant to the sanction of the loan of Rs 750 crore by Yes Bank to M/s Belief Realtors Pvt Ltd (BRPL), an amount of Rs 632 crore was diverted by BRPL to the accounts of DHFL and a major part of the said amount was thereafter transferred by DHFL to M/s Flag Industries India Pvt Ltd and other companies owned by Chhabria on September 29, 2018.

In its application, the CBI has alleged that the disbursement of the BRPL loan was also facilitated by Chhabria by way of execution of a Development Management Agreement dated August 10, 2018, with the said M/s BRPL through another company controlled by Radius Group (Raghuleela Builders Pvt Ltd; RBPL).

The execution of the said DM Agreement was a prerequisite condition for the loan sanctioned by Yes Bank to M/s BRPL. The CBI said in its application, “The significant amounts from the aforesaid loans have been diverted and it is essential to interrogate the accused with regard to utilisation of the said funds and the whereabouts thereof. The custodial interrogation of Chhabria is necessary to ascertain the end use of aforesaid loans aggregating to Rs 3,094 crore, for the purpose of recovery of material evidence pertaining to the said transactions and the related issues.”

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