CBI arrested Avinash Bhosale in the DHFL-Yes Bank case

THE Central Bureau of Investigation (CBI) Thursday arrested ABIL Group Chairman and influential Pune-based builder Avinash Bhosale in connection with the Yes Bank-DHFL case.

An official in the agency said Bhosale had taken money from Yes Bank for business but diverted it for some other purposes.

He will likely be produced before the special CBI court in Mumbai on Friday.

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Among the places searched were properties linked to Avinash Bhosale and ABIL.

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The CBI had in 2020 arrested Yes Bank founder Rana Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan, claiming that they had entered into a criminal conspiracy through which financial assistance was extended to DHFL in place of substantial undue benefit to Kapoor and his family members.

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In June last, the Enforcement Directorate (ED) had seized assets worth over Rs 40 crore belonging to Bhosale and his family members as part of an ongoing investigation under the Foreign Exchange Management Act, 1999 (FEMA).

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These properties were seized as equivalent value of foreign securities, properties held by Bhosale and family members in contravention of FEMA.

The attached assets were in the form of equity shares and preference shares held in Classic City Investment Private Limited, promoted by Bhosale and his son, which owns three luxurious hotels in five-star category – Hotel Westin at Pune, Hotel Le Meridian at Nagpur, and Hotel W Retreat & Spa at Goa.