DHFL-Yes Bank case: CBI arrests businessman Avinash Bhosale | Latest India News

Avinash Bhonsle is the founder of Avinash Bhosale Infrastructure Limited (ABIL) Group in Pune. The polling agency suspects that illicit funds were funneled through several Maharashtra-based property companies.

Reported by Vijay Kumar Yadav | Written by Aryan Prakash

The Central Bureau of Investigation on Thursday arrested businessman Avinash Bhosale in the DHFL-Yes Bank case. The arrested businessman is known to be close to leading politicians in Maharashtra. He will appear in court on Friday.

The arrest comes almost a month after the investigative agency carried out searches at the premises of Bhosale and two other builders Vinod Goenka and Shahid Balwa in Pune and Mumbai in connection with the cheating case linked to Yes Bank and Dewan Housing Finance Limited (DHFL) scam cases.

Avinash Bhonsle is the founder of Avinash Bhosale Infrastructure Limited (ABIL) Group in Pune. The polling agency suspects that illicit funds were funneled through several Maharashtra-based property companies. His daughter Swapnali Kadam is the wife of Maharashtra Minister Vishwajeet Kadam.

Bhosale was arrested in a 2020 case against Yes Bank founder Rana Kapoor and Kapil Vadhawan of DHFL. According to the agency, Kapoor entered into a criminal conspiracy with Wadhawan to provide financial assistance to DHFL through Yes Bank in return for substantial improper benefits for himself and his family members through companies owned by them.

The CBI alleged the scam took place between April and June 2018 when Yes Bank invested 3,700 crore short term debentures of scam victim DHFL. Wadhawan reportedly paid a bribe of 600 crores to Kapoor and his family members through a loan to DoIT Urban Ventures, the company owned by Kapoor’s three daughters, Roshni, Radha and Rakhee, who are 100% shareholders of the company through Mogran Credits Pvt Ltd.

The loan of 600 crore was fined by DHFL to DoIT Urban Ventures (India) Pvt Ltd on the basis of mortgage of substandard properties having very low value and considering its future conversation from agricultural land to residential land, alleged the agency.

(With PTI entries)

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