Yes Bank scam: Avinash Bhosale remanded to CBI’s custody

A special Central Bureau of Investigation (CBI) court Monday sent Pune-based businessman Avinash Bhosale, the promoter of Avinash Bhosale Infrastructure Ltd (ABIL) group of companies to the agency’s custody till June 8. Bhosale was arrested on Thursday in a case related to a scam at Yes Bank.

The court also allowed the federal agency’s request to take Bhosale outside Mumbai or the state for the purpose of the investigation.

Avinash Bhosale is one of Maharashtra’s biggest contractor turned businessmen and real estate developer. His arrest by the Central Bureau of Investigation has a lot of political significance. Bhosle over the years has had a good equation with the leaders of all political parties however he is known especially close to the Sharad Pawar family. In 2011 it came to light that Ajit Pawar was living in a bungalow in Pune whose actual owner was Bhosale. Bhosale later claimed that he had sold the bungalow to Ajit Pawar.

Defence counsel, Vijay Aggarwal moved applications for conducting the investigation under audio-visual CCTV surveillance also the agency permitting the presence of the advocates during the interrogation. Since the agency couldn’t file a written reply, the matter has been adjourned to Wednesday.

The federal investigative agency told the court that Bhosale received about Rs 69 crore from DHFL in the garb of consultancy services provided for three projects, without performing any service.

The CBI also said that Bhosale’s companies had received around Rs 292.5 crore from Radius Group’s Sanjay Chabbria, which it said was diverted after the group received loans amounting to Rs 2,000 crore from DHFL.

Chabbria, a defaulter of DHFL, has been arrested in the case.

Bhosale’s counsels, advocate Vijay Aggarwal, Ayush Jindal and Yash Agrawal, objected to CBI’s remand plea. The defence counsels were also briefed by Wadia Ghandy & Co through advocate Dhawal Mehta.

Aggarwal argued that in the present case, the FIR was registered in 2020, the main chargesheet was filed the same year and a supplementary chargesheet was filed in 2021. Charges against two co-accused have already been framed and, therefore, as the trial had already begun, CBI could not have continued with its investigation and arrested Bhosale, he said.

Last month, CBI had raided the borrowers of DHFL, including ABIL.

It also arrested Chhabria, another Mumbai-based builder, alleging that he had misappropriated more than Rs 3,000 crore in the DHFL case.

Radius Group was one of the biggest borrowers of DHFL, with an outstanding loan (with interest) of around Rs 3,000 crore, for a joint venture residential project in suburban Mumbai.

DHFL’s promoters, Kapil and Dhiraj Wadhawan, are currently in jail in connection with cases registered by CBI and the Directorate of Enforcement (ED) for the alleged fraud caused to Yes Bank in connivance with Kapoor, who is also lodged in Taloja jail on the outskirts of Mumbai.

Kapoor and family members, the CBI has alleged, received kickbacks of around Rs 600 crore after Yes Bank invested Rs 3,700 crore in DHFL’s debentures.

In September, Piramal Capital and Housing Finance (PCHF) completed the acquisition of DHFL for Rs 34,250 crore, which includes a cash component and non-convertible debentures.

Avinash Bhosale was close to several leaders from Vilasrao Deshmukh, Sushil Kumar Shinde of the Congress to Shiv Sena and BJP leaders like Gopinath Munde. However he was known to be quite close to the Pawar family. This arrest is likely to have ramifications for the government.”said a political analyst who did not want to be quoted. In Maharashtra’s political corridors Bhosale’s word carried immense political weight and was considered very influential.

Known for his networking abilities, Bhosale who had a rags to riches story, starting out as buying rickshaws and renting them out to becoming an irrigation contractor. Bhosale prospered in the 90’s during the first Shiv Sena- BJP government when he got several irrigation contracts. While governments changed, Kadam due to his excellent equations cutting across party lines continued to get government contracts.

Bhosale’s helicopter was known to be used by several politicians again cutting across party lines for their travel in Maharashtra. The political relations were further cemented when Bhosale’s daughter Swapnali got married to Vishwajeet Kadam son of then Maharashtra Minister and education baron late Patangrao Kadam.

Kadam’s palatial home ‘White House’ at Aundh in Pune is seen to be believed and even his garden and lawns surrounding his home runs into several acres. It is aptly called ‘Avinash Bhosale Palace’.

Source link

Leave a Reply

Your email address will not be published.