NEW DELHI: The CBI on Thursday arrested Avinash Bhosale, chairman of Pune-based property group ABIL Group, in an alleged corruption case involving Yes Bank founder Rana Kapoor and DHFL’s Kapil Vadhawan, officials said .
The CBI suspects illegal funds were channeled through several Maharashtra-based real estate companies, they said.
The agency had raided the premises of known state builders on April 30 to further investigate that aspect of the case, they said.
ABIL and Bhosale premises were also searched during the operation.
The CBI has now arrested Bhosale in a 2020 case against Kapoor and Wadhawan on charges of alleged corruption, among other things.
The CBI recently arrested Radius Developers’ Sanjay Chhabria in the case.
The agency has alleged that Kapoor entered into a criminal conspiracy with Wadhawan because he provided financial assistance to the DHFL through Yes Bank in exchange for significant unjustified benefits to himself and his family members from businesses they owned, they said.
According to CBI FIR, the scam took shape between April and June 2018 when Yes Bank invested Rs 3,700 crore in short-term debt securities of the fraudulent DHFL.
In return, Wadhawan Kapoor and his family members allegedly paid “600 million rupees in bribes” in the form of a loan to DoIT Urban Ventures (India) Pvt Ltd, they said.
DoIT Urban Ventures is owned by Kapoor’s subsidiaries – Roshini, Radha and Rakhee – who own 100 percent of the company through Mogran Credits Pvt Ltd, it said.
The Rs 600 crore loan was sanctioned by DHFL to DoIT Urban Ventures (India) Pvt Ltd on the basis of a mortgage on very low value substandard properties and allowing for future conversion of agricultural land to residential, the agency said.
It was also found that DHFL had failed to repay the Rs 3,700 crore amount that Yes Bank had invested in its bonds to date, it said.
In addition to the above, Yes Bank RKW Developers Pvt Ltd, of which Dheeraj Wadhawan is a director and is a DHFL Group company, granted a loan of Rs 750 crore for its Bandra reclamation project, which it made without any investment in the project was transferred to DHFL for which it was sanctioned, they said.
“Rana Kapoor received an improper financial advantage from DHFL in relation to Yes Bank’s investment in DHFL’s debentures through the companies held by his wife and daughters,” the FIR alleged.
The CBI suspects illegal funds were channeled through several Maharashtra-based real estate companies, they said.
The agency had raided the premises of known state builders on April 30 to further investigate that aspect of the case, they said.
ABIL and Bhosale premises were also searched during the operation.
The CBI has now arrested Bhosale in a 2020 case against Kapoor and Wadhawan on charges of alleged corruption, among other things.
The CBI recently arrested Radius Developers’ Sanjay Chhabria in the case.
The agency has alleged that Kapoor entered into a criminal conspiracy with Wadhawan because he provided financial assistance to the DHFL through Yes Bank in exchange for significant unjustified benefits to himself and his family members from businesses they owned, they said.
According to CBI FIR, the scam took shape between April and June 2018 when Yes Bank invested Rs 3,700 crore in short-term debt securities of the fraudulent DHFL.
In return, Wadhawan Kapoor and his family members allegedly paid “600 million rupees in bribes” in the form of a loan to DoIT Urban Ventures (India) Pvt Ltd, they said.
DoIT Urban Ventures is owned by Kapoor’s subsidiaries – Roshini, Radha and Rakhee – who own 100 percent of the company through Mogran Credits Pvt Ltd, it said.
The Rs 600 crore loan was sanctioned by DHFL to DoIT Urban Ventures (India) Pvt Ltd on the basis of a mortgage on very low value substandard properties and allowing for future conversion of agricultural land to residential, the agency said.
It was also found that DHFL had failed to repay the Rs 3,700 crore amount that Yes Bank had invested in its bonds to date, it said.
In addition to the above, Yes Bank RKW Developers Pvt Ltd, of which Dheeraj Wadhawan is a director and is a DHFL Group company, granted a loan of Rs 750 crore for its Bandra reclamation project, which it made without any investment in the project was transferred to DHFL for which it was sanctioned, they said.
“Rana Kapoor received an improper financial advantage from DHFL in relation to Yes Bank’s investment in DHFL’s debentures through the companies held by his wife and daughters,” the FIR alleged.
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