DHFL Scam: CBI said- builder Avinash Bhosle invested Rs 300 crore of DHFL to buy property in London

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In the charge sheet filed by the CBI against Pune’s well-known builder Avinash Bhosale in connection with the famous Yes Bank-DHFL scam, it has been said that Bhosale spent Rs 300 crore out of Rs 550 crore received from DHFL to buy a property in London.

The central agency has arrested Bhosale in an alleged scam involving Dewan Housing Finance Limited (DHFL) and Yes Bank. Earlier this week, a charge-sheet was filed against him in a special CBI court on Monday. Officials said that in the case related to the supplementary charge sheet filed in the Special CBI Court in Mumbai, the agency has booked Satyan Gopaldas Tandon, Metropolis Hotels LLP, ABIL Infraprojects Pvt Ltd, ABIL Hospitality Pvt Ltd, Arindam Developers, Avinash Bhosale Group and Flora Development Limited has also been nominated.

The third supplementary charge sheet filed in the case states that co-accused Sanjay Chhabria diverted Rs 317.40 crore. This was part of the money that DHFL received as a loan from Yes Bank for Bhosale and his companies. Also, according to the CBI, Rs 43 crore was disbursed to ABIL Infrastructure and Rs 140 crore to Metropolis Hotels. DHFL’s Kapil Wadhawan approved this payment soon after Yes Bank invested in DHFL in April-May 2018. Both ABIL Infrastructure and Metropolis Hotels are owned or controlled by Bhosale.

Besides this, three other entities of Bhosale received Rs 68.80 crore as consultancy fee for several projects financed by Kapil Wadhawan, the charge sheet said. Overall, Bhosale’s companies got Rs 569.22 crore from DHFL. DHFL had received this amount from Yes Bank.

The charge sheet said that Bhosale used Rs 300 crore of this money to acquire a property worth 92.5 million British pounds (about Rs 9 billion) at 5 Strand London in the UK through Flora Development Ltd. According to the CBI, Yes Bank promoter Rana Kapoor along with former DHFL Chairman and Managing Director Kapil Wadhawan had entered into a criminal conspiracy to provide financial assistance to DHFL through Yes Bank. In return, Kapoor and his family were to get a substantial unfair advantage.

Following Bhosale’s arrest, the CBI had said that Yes Bank, through Rana Kapoor, had disbursed Rs 3,983 crore to Dewan Housing Finance Limited (DHFL), the proceeds of the crime. 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.

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In the charge sheet filed by the CBI against Pune’s well-known builder Avinash Bhosale in connection with the famous Yes Bank-DHFL scam, it has been said that Bhosale spent Rs 300 crore out of Rs 550 crore received from DHFL to buy a property in London.

The central agency has arrested Bhosale in an alleged scam involving Dewan Housing Finance Limited (DHFL) and Yes Bank. Earlier this week, a charge-sheet was filed against him in a special CBI court on Monday. Officials said that in the case related to the supplementary charge sheet filed in the Special CBI Court in Mumbai, the agency has booked Satyan Gopaldas Tandon, Metropolis Hotels LLP, ABIL Infraprojects Pvt Ltd, ABIL Hospitality Pvt Ltd, Arindam Developers, Avinash Bhosale Group and Flora Development Limited has also been nominated.

The third supplementary charge sheet filed in the case states that co-accused Sanjay Chhabria diverted Rs 317.40 crore. This was part of the money that DHFL received as a loan from Yes Bank for Bhosale and his companies. Also, according to the CBI, Rs 43 crore was disbursed to ABIL Infrastructure and Rs 140 crore to Metropolis Hotels. DHFL’s Kapil Wadhawan approved this payment soon after Yes Bank invested in DHFL in April-May 2018. Both ABIL Infrastructure and Metropolis Hotels are owned or controlled by Bhosale.


Besides this, three other entities of Bhosale received Rs 68.80 crore as consultancy fee for several projects financed by Kapil Wadhawan, the charge sheet said. Overall, Bhosale’s companies got Rs 569.22 crore from DHFL. DHFL had received this amount from Yes Bank.

The charge sheet said that Bhosale used Rs 300 crore of this money to acquire a property worth 92.5 million British pounds (about Rs 9 billion) at 5 Strand London in the UK through Flora Development Ltd. According to the CBI, Yes Bank promoter Rana Kapoor along with former DHFL Chairman and Managing Director Kapil Wadhawan had entered into a criminal conspiracy to provide financial assistance to DHFL through Yes Bank. In return, Kapoor and his family were to get a substantial unfair advantage.

Following Bhosale’s arrest, the CBI had said that Yes Bank, through Rana Kapoor, had disbursed Rs 3,983 crore to Dewan Housing Finance Limited (DHFL), the proceeds of the crime. 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.

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