The Central Bureau of Investigation (CBI) arrested ABIL Group Chairman Avinash Bhosale in connection with a case of alleged corruption against Yes Bank Founder Rana Kapoor and Dewan Housing Finance Corporation Ltd (DHFL).
Bhosle is a Pune-based businessman and top builder and is said to be close to top businessmen of Maharashtra. An official in the agency said Bhosale had taken money from Yes Bank for business but diverted it for some other purposes.
The agency had carried out searches at the premises of noted builders of the state on April 30 to further probe this aspect of the case. Premises of ABIL and Bhosale were also searched during the operation.
In June last year, 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.
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 DHFL. In return, Wadhawan allegedly paid kickback of Rs 600 crore to Kapoor and his family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd. It was further found that DHFL had not redeemed the amount of Rs 3,700 crore invested by Yes Bank in its debentures till date.
In 2020, CBI arrested 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.
