The Enforcement Directorate (ED) has attached a total of Rs 415 crore worth of property of Pune-based builder Avinash Bhosale and Sanjay Chhabria in connection with the Yes Bank-DHFL scam case. The attached assets include those worth Rs 251 crores owned by Sanjay Chhabria while properties worth Rs 164 crores owned by Avinash Bhosale. This takes the total valuation of the assets attached by the ED, in this case, up to Rs 1827 crores.
Sanjay Chhabria’s attached assets include a land parcel in Santacruz, Mumbai worth Rs 116.5 crore, 25 percent equity shares of Chhabria’s company held in a land parcel in Bengaluru worth Rs. 115 crores, a flat in Santacruz, Mumbai worth Rs. 3 crores, profit receivable from Chhabria’s hotel in Delhi Airport worth Rs 13.67 crore, and three high-end luxury cars worth Rs. 3.10 crore.
Attached assets of Avinash Bhosale include a Duplex Flat owned by Bhosale in Mumbai worth Rs. 102.8 crores, one land parcel in Pune worth Rs 14.65 crore, another land parcel in Pune worth Rs 29.24 crore, a land parcel in Nagpur worth Rs. 15.52 crore, and another portion of land in Nagpur worth Rs. 1.45 crore.
Rana Kapoor, the then chairman of Yes Bank, had given Rs 3,983 crore as a loan to DHFL. The DoIT Urban Ventures (India) Pvt Ltd, is controlled by the Kapoor family. The company was given Rs 600 crore as a loan. Subsequently, the YES Bank gave a further loan of Rs 750 crore to RKW Developer Pvt Ltd in the group of DHFL company for the Bandra reclamation project. The amount was diverted by Kapil Wadhwan and Dhiraj Wadhwan.
After filing a charge sheet in the case, the Central Bureau of Investigation (CBI) conducted more investigations into this and found that an amount of Rs 68 crore out of this misappropriation was received by Avinash Bhosale as a consultancy fee. Bhosale received the amount in 2018 for three projects. Of these, two projects namely Avenue 54 and Van Mahalakshmi were developed by construction professional Sanjay Chhabria.
Avinash Bhosale also received a consultancy fee amount for a slum redevelopment project in Worli. It was shown, in this case, that there were suggestions from Bhosale’s companies on the possible cost of the project, architectural and engineering plan, project construction, and agreements, financial evaluation, structure, etc. But the CBI investigation revealed that no such consultancy services had been provided by Bhosale’s companies.
Apart from this, Rs 292.50 crore of the Rs 2,000 crore loan taken from DHFL was diverted by Sanjay Chabria’s Radius Group to Avinash Bhosale. The amount is alleged to have been diverted by two companies. It is notable that, 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.
