Who is Avinash Bhosale and why CBI has arrested the multi-millionaire in Yes Bank-DHFL Case?

Yes Bank-DHFL Scam: Avinash Bhosale, a multi-millionaire business tycoon has been arrested by the Central Bureau of Investigation (CBI) in the Yes Bank-DHFL case. The arrested Avinash Bhosle is known to be close to top politicians in Maharashtra and will be produced before the court on May 27, 2022. Earlier in April, the central investigating agencies had carried out elaborate search operations at eight locations belonging to Pune-based multi-millionaire Avinash Bhosale.

The arrest of Avinash Bhosale by CBI has come nearly a month after the probe agency conducted raids on the premise of the business tycoon and two other builders Shahid Balwa and Vinod Goenka in Mumbai and Pune. The CBI raids were in connection with the cheating case related to Yes Bank and the Dewan Housing Finance Limited (DHFL) Scam.

CBI arrests ABIL group chairman Avinash Bhosale in Yes Bank-DHFL scam case: Officials

— Press Trust of India (@PTI_News) May 26, 2022

Who is Avinash Bhosale?

Born into a middle-class family in 1960, Avinash Bhosle’s father was an engineer with CPWD who had decided that Avinash must have a hand-on experience in the construction business.

After Avinash failed Class 12, he agreed to follow his father’s directive to work under a qualified constructor and developer. After gaining few years of experience in construction field, Avinash Bhosale asked his father to allow him to construct his solo residential building under a supervision from a qualified civil engineer. His first residential building was ready in the Kothrud area of Pune.

At a very young age, Avinash launched his own construction company along with the two partners. After the difficult initial years, things started changing because of his closeness to political leaders who helped him in getting lucrative construction contracts under Maharashtra Krishna Valley Development Corporation (MKVDC).

Founder of ABIL Group

Avinash Bhosale founded ABIL Group (Avinash Bhosale Infrastructure Limited) which became one of the leading business conglomerates. Over the past years’ Bhosale’s ABIL Group has developed some of Pune’s landmark residential and commercial properties.

The company is also involved in the construction of several mainframe infrastructure projects for Maharashtra and pan-India that included bridges, highways, tunnels, dams and canals.

What is Yes Bank-DHFL Scam Case?

The Central Bureau of Investigation (CBI) has claimed that Yes Bank-DHFL Scam unfolded between April and June 2018 when Yes Bank invested Rs. 3,700 crores in short-term debentures to scam hit DHFL- Dewan Housing Finance Limited.

Kapil Wadhwan of DFHL allegedly paid kickback of Rs. 600 crores to Yes Bank founder Rana Kapoor and his family members through a loan to DoIT Urban ventures. The firm is held by three daughters of Rana Kapoor who are 100% share holders of the company through Morgan Credits Pvt Ltd.

Why CBI has arrested Avinash Bhosale in Yes Bank-DHFL Scam?

Avinash Bhosale has been arrested by the Central agency in 2020 case against Yes Bank founder Rana Kapoor and Kapil Wadhawan of DHFL.

As per the agency, Kapoor allegedly entered into the criminal conspiracy to extend the financial assistance to DHFL through Yes Bank in return for substantial undue benefits via companies owned by them.

CBI conducted searches at eight locations in Mumbai and Pune in connection with the case and among the searched properties were those linked to Avinash Bhosale and ABIL.