Assets of 2 builders worth ₹ 415 crore seized in India's biggest bank scam

Assets of 2 builders worth ₹ 415 crores seized in India's biggest bank scam

The Enforcement Directorate (ED) said on Wednesday that assets worth Rs 415 crore have been attached to arrested Maharashtra construction workers Avinash Bhosale and Sanjay Chhabriya. The merger is in connection with the money laundering case related to the Yes Bank-DHFL Bank loan scam. Both the builders were arrested by federal agencies in the case in June and are currently in judicial custody.

The Central Bureau of Investigation CBI officials last week found the helicopter at Avinash Bhosale's place in Pune.

The ED issued the provisional attachment order under the Prevention of Money Laundering Act (PMLA) on Tuesday. Of this, Bhosale's property is worth Rs 164 crore and Chapriya's property is Rs 251 crore.

A land parcel in Santacruz, Mumbai worth Rs 116.5 crore, and a flat in Santacruz, Bengaluru worth Rs 115 crore are assets linked to Chapriya's company's 25 percent stake. Profit worth Rs 13.67 crore and three high-end luxury cars worth Rs 3.10 crore from a hotel owned by Chapria at the Mumbai and Delhi airport worth Rs 3 crore, the ED said in a report.

Pune-based businessman Avinash Bhosale's assets are in the form of a duplex flat in Mumbai worth Rs 102.8 crore, land in Pune worth Rs 14.65 crore and a parcel of land in Pune worth Rs 29.24 crore. Kodi, land worth Rs 15.52 crore in Nagpur and another piece of land in Nagpur worth Rs 1.45 crore.

The ED and CBI are probing India's biggest banking scam, the Yes Bank-DHFL scam, and the two central agencies have separately booked Yes Bank co-founder Rana Kapoor and DHFL promoter-directors Kapil Wadhawan and Dheeraj Wadhawan in separate complaints. While the Wadawans were arrested by the ED in May, Kapoor was arrested in March. They are currently in judicial custody like the two architects.

In its complaint, the Central Bureau of Investigation (CBI) alleged that Rana Kapoor was involved in a "criminal conspiracy" with Kapil Wadwan and others to provide financial assistance to Yes Bank Ltd DHFL. and members of his family through the companies they hold.

The ED alleged that Rana Kapoor invested Rs 3,700 crore in short-term convertible debentures of DHFL and Rs 283 crore in masala bonds of DHFL through Yes Bank Ltd. “In line with this investment by Yes Bank in DHFL, Kapil Wadwan through DHFL paid Rs 600 crore kickback to Rana Kapoor's lucrative company DOIT Urban Ventures (India) Pvt Ltd.

After Yes Bank transferred Rs 3,983 crore to DHFL, it sanctioned loans to Sanjay Chapria's Radius Group and borrowed Rs 2,317 crore from DHFL. His project was 'Avenue 54' in Santacruz, Mumbai, after which Chapria diverted the same without using it for the declared purpose," it said. Sanjay Chapria "collaborated" with Avinash Bhosale and "opened" funds in various companies owned by him, the ED said.

Apart from this, Bhosale received around Rs 71.82 crore for rendering certain services to DHFL and other companies in the "condemnation" of Kapil Wadavan. Bhosale for his beneficial use," it said. The total merger in the case now stands at Rs 1,827 crore.

ED has provisionally attached assets worth Rs. 251 Crore of Sanjay Chhabria and assets worth Rs 164 Crore of Avinash Bhosale, (total asset worth of Rs. 415 crore) in Yes Bank- DHFL Fraud case under PMLA, 2002. Total attachment in the case stands at Rs. 1827 Crore.

— ED (@dir_ed) August 3, 2022