Yes Bank-DHFL case: ED attaches Rs 415 cr price property of builders Avinash Bhosale, Sanjay Chhabria

By PTI

NEW DELHI: Assets price Rs 415 crore of arrested Maharashtra builders Avinash Bhosale and Sanjay Chhabria have been connected within the Yes Bank-DHFL financial institution mortgage fraud linked cash laundering case, the Enforcement Directorate mentioned on Wednesday.

Both the builders have been taken into custody by the federal company within the case in June and they’re in judicial custody at current.

The Enforcement Directorate (ED) had issued a provisional attachment order below the Prevention of Money Laundering Act (PMLA) on Tuesday to connect the property of Bhosale, price Rs 164 crore, whereas Chhabria’s property are price Rs 251 crore.

The connected property of Chhabria are within the type of a land parcel positioned in Santacruz, Mumbai price Rs 116.5 crore, 25 per cent fairness shares of Chhabria’s firm held in a land parcel positioned in Bengaluru price Rs 115 crore, a flat positioned at Santacruz, Mumbai price Rs 3 crore, revenue receivable from a lodge belonging to Chhabria positioned on the Delhi airport price Rs 13.67 crore and three high-end luxurious vehicles price Rs 3.10 crore, the ED mentioned in an announcement.

The properties of Pune-based businesman Avinash Bhosale which were connected are within the type of a duplex flat in Mumbai price Rs 102.8 crore, a land parcel positioned in Pune price Rs 14.65 crore, one other Pune positioned land parcel price Rs 29.24 crore, a land parcel in Nagpur price Rs 15.52 crore and one other portion of land positioned at Nagpur valued at Rs 1.45 crore, it mentioned.

The ED and the CBI are investigating this case and the 2 central businesses have booked the 2 builders, Yes Bank co-founder Rana Kapoor and DHFL promoter-directors Kapil Wadhawan and Dheeraj Wadhawan of their separate complaints.

While the Wadhawans have been arrested on this case by the ED in May, Kapoor was arrested in March. They too are in judicial custody at current like the 2 builders.

It was alleged by the Central Bureau of Investigation (CBI) in its grievance that Rana Kapoor entered right into a “criminal conspiracy” with Kapil Wadhawan and others for extending monetary help to DHFL by Yes Bank Ltd in lieu of considerable “undue benefit” to himself and his relations via the businesses held by them.

The ED alleged that Rana Kapoor via Yes Bank Ltd bought invested Rs 3,700 crore within the quick time period non-convertible debentures of DHFL and Rs 283 crore in Masala Bonds of DHFL.

“Simultaneous to this funding made by Yes Bank in DHFL, Kapil Wadhawan, via DHFL, paid a kickback of Rs 600 crore, within the garb of mortgage, to certainly one of Rana Kapoor’s beneficially owned firm — DOIT Urban Ventures (India) Pvt Ltd.

“Immediately after the said transfer of funds to the tune of Rs 3,983 crore by Yes Bank to DHFL appraised and sanctioned loans to Radius Group of Sanjay Chhabria and received funds to the tune of Rs 2,317 crore as loan from DHFL in the name of development of his project ‘Avenue 54’ at Santacruz, Mumbai, and then Chhabria diverted the same without using it for the declared purpose,” it mentioned.

Sanjay Chhabria “connived” with Avinash Bhosale and “diverted” funds to the latter in his varied beneficially owned firms, the ED claimed.

Apart from this, Bhosale “connived” with Kapil Wadhawan and obtained about Rs 71.82 crore from DHFL within the garb of offering sure providers to DHFL and different entities. “However, the said so called services have never been provided and same was utilised by Bhosale for his beneficial use,” it mentioned.

The whole attachment on this case now stands at Rs 1,827 crore, it mentioned.

NEW DELHI: Assets price Rs 415 crore of arrested Maharashtra builders Avinash Bhosale and Sanjay Chhabria have been connected within the Yes Bank-DHFL financial institution mortgage fraud linked cash laundering case, the Enforcement Directorate mentioned on Wednesday.

Both the builders have been taken into custody by the federal company within the case in June and they’re in judicial custody at current.

The Enforcement Directorate (ED) had issued a provisional attachment order below the Prevention of Money Laundering Act (PMLA) on Tuesday to connect the property of Bhosale, price Rs 164 crore, whereas Chhabria’s property are price Rs 251 crore.

The connected property of Chhabria are within the type of a land parcel positioned in Santacruz, Mumbai price Rs 116.5 crore, 25 per cent fairness shares of Chhabria’s firm held in a land parcel positioned in Bengaluru price Rs 115 crore, a flat positioned at Santacruz, Mumbai price Rs 3 crore, revenue receivable from a lodge belonging to Chhabria positioned on the Delhi airport price Rs 13.67 crore and three high-end luxurious vehicles price Rs 3.10 crore, the ED mentioned in an announcement.

The properties of Pune-based businesman Avinash Bhosale which were connected are within the type of a duplex flat in Mumbai price Rs 102.8 crore, a land parcel positioned in Pune price Rs 14.65 crore, one other Pune positioned land parcel price Rs 29.24 crore, a land parcel in Nagpur price Rs 15.52 crore and one other portion of land positioned at Nagpur valued at Rs 1.45 crore, it mentioned.

The ED and the CBI are investigating this case and the 2 central businesses have booked the 2 builders, Yes Bank co-founder Rana Kapoor and DHFL promoter-directors Kapil Wadhawan and Dheeraj Wadhawan of their separate complaints.

While the Wadhawans have been arrested on this case by the ED in May, Kapoor was arrested in March. They too are in judicial custody at current like the 2 builders.

It was alleged by the Central Bureau of Investigation (CBI) in its grievance that Rana Kapoor entered right into a “criminal conspiracy” with Kapil Wadhawan and others for extending monetary help to DHFL by Yes Bank Ltd in lieu of considerable “undue benefit” to himself and his relations via the businesses held by them.

The ED alleged that Rana Kapoor via Yes Bank Ltd bought invested Rs 3,700 crore within the quick time period non-convertible debentures of DHFL and Rs 283 crore in Masala Bonds of DHFL.

“Simultaneous to this funding made by Yes Bank in DHFL, Kapil Wadhawan, via DHFL, paid a kickback of Rs 600 crore, within the garb of mortgage, to certainly one of Rana Kapoor’s beneficially owned firm — DOIT Urban Ventures (India) Pvt Ltd.

“Immediately after the said transfer of funds to the tune of Rs 3,983 crore by Yes Bank to DHFL appraised and sanctioned loans to Radius Group of Sanjay Chhabria and received funds to the tune of Rs 2,317 crore as loan from DHFL in the name of development of his project ‘Avenue 54’ at Santacruz, Mumbai, and then Chhabria diverted the same without using it for the declared purpose,” it mentioned.

Sanjay Chhabria “connived” with Avinash Bhosale and “diverted” funds to the latter in his varied beneficially owned firms, the ED claimed.

Apart from this, Bhosale “connived” with Kapil Wadhawan and obtained about Rs 71.82 crore from DHFL within the garb of offering sure providers to DHFL and different entities. “However, the said so called services have never been provided and same was utilised by Bhosale for his beneficial use,” it mentioned.

The whole attachment on this case now stands at Rs 1,827 crore, it mentioned.