According to sources, the CBI arrested Avinash Bhosale, head of Pune-based real estate business ABIL group, on Thursday in an alleged corruption case involving Yes Bank founder Rana Kapoor and DHFL’s Kapil Vadhawan.
According to them, the CBI suspects that illegal monies were channeled through a number of Maharashtra-based real estate companies.
On April 30, the agency conducted searches at the homes of prominent state builders in order to further investigate this part of the case, they added.
ABIL and Bhosale’s offices were also searched as part of the operation.
Bhosale was detained by the CBI in a 2020 case involving Kapoor, Wadhawan, and others for alleged corruption.
In this instance, the CBI recently detained Sanjay Chhabria of Radius Developers.
According to the agency, Kapoor and Wadhawan engaged in a criminal conspiracy to provide financial assistance to DHFL through Yes Bank in exchange for considerable unfair benefits to himself and his family members through firms controlled by them.
According to the CBI FIR, the scandal began in April and June 2018, when Yes Bank invested Rs 3,700 crore in DHFL’s scam-hit short-term debentures.
According to them, Wadhawan reportedly “gave a Rs 600 crore kickback” to Kapoor and his family in the shape of a loan to DoIT Urban Ventures (India) Pvt Ltd.
It is said that DoIT Urban Ventures is owned by Kapoor’s daughters, Roshini, Radha, and Rakhee, who own 100% of the company through Morgan Credits Pvt Ltd.
According to the agency, DHFL approved a Rs 600 crore loan to DoIT Urban Ventures (India) Pvt Ltd based on the mortgage of sub-standard buildings with very low value and taking into account the perspective conversion of agricultural property to residential land.
It was also discovered that DHFL had not yet repaid the Rs 3,700 crore invested by Yes Bank in its debentures, according to the statement.
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In addition to the foregoing, Yes Bank also approved a Rs 750 crore loan to RKW Developers Pvt Ltd, a DHFL group firm whose director is Dheeraj Wadhawan, for their Bandra reclamation project, which was transferred to DHFL without any investment in the project, they added.
According to the FIR, “Rana Kapoor gained an undue pecuniary advantage from DHFL in the matter of investment in DHFL debentures by Yes Bank, through the firms held by his wife and daughters.”