ABIL group chairman Avinash Bhosale arrested by CBI

May 26, 2022 11:33 pm

Avinash Bhosale, chairman of Pune-based ABIL group (real estate company) was arrested by the CBI today for his alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Vadhawan of DHFL

The CBI suspects that illicit funds were routed through several real estate companies based in Maharashtra, they said.

The agency had carried out searches at the premises of noted builders of the state on April 30 to further probe on this aspect of the case, they said. Premises of ABIL and Bhosale were also searched during the operation.

The CBI has now arrested Bhosale in a 2020 case against Kapoor and Wadhawan among others for alleged corruption. The CBI had recently arrested Sanjay Chhabria of Radius Developers in the case.

The agency has alleged that Kapoor entered into a criminal conspiracy with Wadhawan for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said. According to the CBI FIR, the scam started taking shape between April and June 2018, when Yes Bank invested Rs 3,700 crore in short term debentures of scam-hit DHFL.

n return, Wadhawan allegedly "paid kickback of Rs 600 crore" to Kapoor and family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd, they said. DoIT Urban Ventures is held by daughters of Kapoor — Roshini, Radha and DoIT Urban Ventures is held by daughters of Kapoor — Roshini, Radha and Rakhee — who are 100 per cent share holders of the company through Mogran Credits Pvt Ltd, it alleged.