ED takes custody of builder Avinash Bhosale in money laundering case

The Enforcement Directorate has taken the custody of ABIL group chairman Avinash Bhosle in connection with an alleged money laundering case, an official said on Tuesday. The Pune-based businessman had earlier been arrested by the Central Bureau of Investigation (CBI) in connection with an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Wadhawan of the DHFL.

He was subsequently lodged at the Arthur Road prison in Mumbai.

On Monday evening, officials of the ED took Bhosale’s custody from the prison, the official said. He will be produced before a court later in the day, sources said. The CBI probe in the Yes Bank-DHFL bank fraud case had brought under the scanner the role of Pune-based auto driver-turned-real estate baron Avinash Bhosale, who as a middleman allegedly received kickbacks of over Rs 360 crore from another real estate developer for facilitating loans from the DHFL, which turned into nonperforming assets, officials earlier said.

The CBI had stumbled upon two payments of over Rs 68.8 crore and Rs 292 crore to Bhosale’s companies made by Radius Developers, whose owner Sanjay Chhabaria was recently arrested in the case, they had said.