The CBI detained Avinash Bhosale, the chairman of the ABIL Group and a powerful Pune builder, on Thursday in connection with the Yes Bank-DHFL investigation.
According to an officer with the bureau, Bhosale took money from Yes Bank for business but used it for other reasons. On Friday, he is expected to appear before a special CBI court in Mumbai.
In April, the agency conducted searches at the homes and offices of suspects in the Yes Bank-DHFL investigation at eight sites in Mumbai and Pune. Avinash Bhosale and ABIL-related properties were among the areas searched.
The CBI arrested Yes Bank founder Rana Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan in 2020, alleging that they had conspired to provide financial aid to DHFL in exchange for considerable unfair profit to Kapoor and his family members.
As part of an ongoing inquiry under the Foreign Exchange Management Act (FEMA), 1999, the Enforcement Directorate (ED) confiscated assets worth over Rs 40 crore belonging to Bhosale and his family members in June. In violation of FEMA, these assets were confiscated as equal value of foreign securities, as well as properties owned by Bhosale and his family.
The connected assets were equity and preference shares in Classic City Investment Private Limited, which is owned by Bhosale and his son and operates three five-star hotels in Pune, Nagpur, and Goa: Hotel Westin, Hotel Le Meridian, and Hotel W Retreat & Spa.
While Avinash Bhosale began his real estate endeavours in the early 1980s, it is believed that his son Amit is also involved in the group of firms. Bhosale’s daughter Swapnali is married to Maharashtra Congress Minister Vishwajeet Kadam and is well connected with key figures in the state.