Pune Builder Avinash Bhosale Receives Partial Relief in Yes Bank-DHFL Case
Yes Bank-DHFL case: Tribunal gives partial relief to Pune builder Bhosale
Hindustan Times
Image: Hindustan Times
The New Delhi appellate tribunal has partially lifted the Enforcement Directorate's attachment orders against Pune-based builder Avinash Bhosale, reducing the amount from over ₹139 crore to ₹25 crore. This decision comes amid ongoing investigations into alleged financial irregularities involving Yes Bank and Dewan Housing Finance Ltd (DHFL).
- 01The tribunal set aside most of the Enforcement Directorate's attachment orders against Bhosale.
- 02Only ₹25 crore worth of assets related to a dairy sale transaction remain attached.
- 03Bhosale was arrested in May 2022 amid allegations of bank fraud.
- 04The case involves significant financial transactions between Yes Bank and DHFL.
- 05The tribunal found insufficient evidence linking Bhosale's transactions to alleged proceeds of crime.
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In a significant ruling, the appellate tribunal in New Delhi has granted partial relief to Avinash Bhosale, a Pune-based builder, in the corruption case linked to Dewan Housing Finance Ltd (DHFL) and Yes Bank. The tribunal set aside most of the Enforcement Directorate's (ED) provisional attachment orders, reducing the total from over ₹139 crore to just ₹25 crore. This decision follows Bhosale's arrest in May 2022, amid allegations of his involvement in one of India's largest bank fraud cases. The tribunal, led by Justice Munishwar Nath Bhandari, noted that the agreement between Bhosale and developer Sanjay Chhabria was executed in 2014, well before the alleged offenses occurred in 2018. It emphasized a lack of evidence linking Bhosale's transactions to any criminal activity, stating that the ED failed to establish a foundational connection between the commercial transactions and the alleged proceeds of crime. Consequently, while specific properties valued at ₹14.65 crore and ₹15 crore remain attached, most of Bhosale's assets will be released.
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This ruling may affect the financial stability and ongoing projects of Avinash Bhosale and his associated entities, allowing them to regain access to significant assets.
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