On 30th July 2022, CBI conducted a search operation on the premises owned by auto driver-turned-real estate baron Avinash Bhosale, who is an arrested accused in the Yes Bank-DHFL case. In its raid, the Central Bureau of Investigation seized an AugustaWestland helicopter from the builder. According to a report by the Indian Express, Avinash Bhosale is allegedly involved in a scam involving DHFL that caused a loss of Rs 34,615 crores to a consortium of 17 banks led by the Union Bank of India.
CBI seized a helicopter during search conducted at premises of builder Avinash Bhosale in Pune. He was allegedly involved in scam involving DHFL that caused loss of Rs 34,615 cr to a consortium of 17 banks led by Union Bank of India. The helicopter is AgustaWestland make: Sources pic.twitter.com/oGMLf9oK1k
— ANI (@ANI) July 30, 2022
Besides, in a supplementary charge sheet submitted by the CBI in the Yes bank-DHFL case, Avinash Bhosle is accused of diverting Rs 300 crore from the funds he had received through different means while he got a loan of Rs 700 crore sanctioned from Yes bank through Rana Kapoor in 2018 to buy a property at 5 Strand in London, valued at GBP 100 million, which is approximately Rs 1000 crore. The news of the CBI seizing an AugustaWestland helicopter from his premises appeared as the central agency raided his various properties in Pune on 30th July 2022.
According to the CBI’s charge sheet, Bhosale’s firms got Rs 68.82 crore in advisory fees, Rs 183 crore in loans from DHFL, and another Rs 317.40 crore in Non-Convertible Debentures (NCDs) and interest/premium from Radius Group entities.
The charge sheet reads, “Investigation reveals that out of the said amount of Rs 569.22 crore, a significant amount of Rs 300 crore was diverted by accused Avinash Bhosale to acquire a property at 5 Strand London, valued at GBP 92.5 million (GBP100 million with taxes/fee, etc.) through an SPV namely M/s Flora Developments Ltd. floated in the UK. The purchase was financed through a loan of GBP 70 million sanctioned by accused Rana Kapoor/Yes Bank to the said Flora Developments Ltd in April 2018.”
According to the agency, their investigation indicated that accused Kapil Wadhawan, Dheeraj Wadhawan, Rana Kapoor, Sanjay Rajkumar Chhabariaa, Avinash N. Bhosale, and Satyan Gopaldas Tandon planned to fraud Yes Bank and DHFL.
The charge sheet further says, “Kapil and Dheeraj Wadhawan misappropriated the funds amounting to Rs 4,733 crore invested/provided as loan/investment by Yes Bank Ltd to M/s DHFL & M/s Belief Realtors Pvt. Ltd. in the year 2018 and dishonestly disbursed and diverted Rs 4,727 crore against receipt of the said Yes Bank funds to the companies of accused Kapoor, Chhabarias and Bhosale.” The funds were transferred as loans, ICD investments, or consultancy charges.
