CBI arrests Pune based builder and ABIL Group Chairman Avinash Bhosle in Yes Bank-DHFL case

New Delhi, May 27

The Central Bureau of Investigation (CBI) arrested ABIL Group Chairman and well-known builder of Pune, Avinash Bhosale in connection with the Yes Bank-DHFL case.

The CBI stated that Bhosale had taken money from Yes Bank for business but diverted it for some other purposes. The CBI had conducted searches at eight locations in Mumbai and Pune at the residences and offices linked to Avinash Bhosale and ABIL.

Avinash Bhosale started his real estate ventures in the early 1980s, his son Amit is also learnt to be playing a key role in the group of companies. 

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 lieu of substantial undue benefit to Kapoor and his family members.

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). 

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

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.

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