DHFL rip-off: Pune realtor diverted  ₹300 cr to purchase properties in London, says CBI

Pune-based builder Avinash Bhosale has spent 300 crore out of the over 550 crore obtained from DHFL to purchase a property in London, stated Central Bureau of Investigation (CBI) in its charge-sheet this week.

The central probing company had arrested Bhosale in an alleged rip-off involving Dewan Housing Finance Ltd (DHFL) and Yes Bank.

Also, in a supplementary cost sheet, CBI co-accused Sanjay Chhabariaa of diverting 317.40 crore to Bhosale and his corporations. This is the third charge-sheet filed within the case, the place Chhabariaa allegedly diverted over 300 crores which was a part of the funds which DHFL had obtained as loans from Yes Bank.

ALSO READ: DHFL rip-off: CBI arrests Chhota Shakeel’s aide businessman Ajay Ramesh Nawandar

The CBI claims 43 crore have been disbursed to ABIL Infrastructure and 140 crore to Metropolis Hotels. Adding, DHFL’s Kapil Wadhawan had sanctioned this disbursement shortly after the Yes Bank made funding within the DHFL in April-May 2018.

Both the ABIL Infrastructure and Metropolis Hotels are owned or managed by Bhosale. Apart from this, three different entities of Bhosale’s obtained 68.80 crore as consultancy charge for a number of initiatives financed by Kapil Wadhawan, stated the charge-sheet. Considering all, Bhosale’s corporations obtained

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569.22 crore from DHFL which in flip had obtained the funds from Yes Bank.

The charge-sheet additionally famous that hosale used 300 crore of this cash to amass a property at 5 Strand London, valued at GBP 92.5 million, by Flora Developments Ltd floated within the UK.

Following this, Yes Bank promoter Rana Kapoor entered right into a legal conspiracy with former DHFL Chairman and Managing Director Kapil Wadhawan for extending monetary help to DHFL by Yes Bank. Kapoor and his household, in return, have been to get substantial undue advantages.

The rip-off began taking form between April to June, 2018 when Yes Bank invested 3,700 crore briefly time period debentures of scam-hit DHFL, the CBI stated. DHFL’s Wadhawan allegedly paid “kickback of 600 crore” to Kapoor and his members of the family in return in type of the type of loans to DoIT Urban Ventures (India) Pvt Ltd which have been managed by Kapoor’s daughters Roshini, Radha and Rakhee.

With PTI inputs.

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