HC eases builder Avinash Bhosale’s bail conditions for overseas travel

MUMBAI: The Bombay High Court has relaxed two bail conditions imposed on Pune-based builder Avinash Bhosale in the corruption case linked to Dewan Housing Finance Ltd (DHFL) and Yes Bank

MUMBAI: The Bombay High Court has relaxed two bail conditions imposed on Pune-based builder Avinash Bhosale in the corruption case linked to Dewan Housing Finance Ltd (DHFL) and Yes Bank. The court said the requirement that he surrender his passport before every overseas business trip was “onerous”.

On August 27, a single-judge bench of justice Milind Jadhav allowed Bhosale’s application seeking changes to conditions set by the trial court in May 2024. One of those conditions required him to attend all court hearings in person.

The High Court directed Bhosale to submit an undertaking within a week, assuring that his lawyer will be present on every hearing date before the trial court. Bhosale had approached the High Court last year, saying he needed to travel abroad from time to time for business and other purposes.

The court removed the passport-surrender condition. Instead, it directed Bhosale to inform the Central Bureau of Investigation (CBI) about his travel plans before leaving the country. He must provide his overseas address, details of his stay and return journey.

The court directed that Bhosale’s passport be returned to him immediately on the basis of a certified copy of its order. It also asked him to submit details of any planned overseas travel to the CBI every six months in advance. While allowing Bhosale’s lawyer to appear before the trial court in his place, the High Court said the trial court may order his personal presence on any particular hearing date. If such an order is passed, Bhosale will have to appear before the court.

Bhosale, chairman and founder of ABIL Group, was arrested by the CBI on May 26, 2022. On May 17, 2024, justice NJ Jamadar of the Bombay High Court granted him bail on a personal bond of ₹1 lakh.

According to the CBI, Bhosale received kickbacks from Yes Bank founder Rana Kapoor, a co-accused in the case, in exchange for diverting funds. The agency alleged that Bhosale received kickbacks worth ₹350 crore from the Radius Group for helping secure loans from DHFL through consultancy-service payments.

Bhosale has denied the allegations, saying all the transactions were legitimate business dealings. The Enforcement Directorate (ED) is also investigating money-laundering allegations against Bhosale. The agency had earlier arrested Rana Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan, alleging that they were part of a conspiracy to provide financial assistance to DHFL in return for substantial undue benefits to Kapoor and his family members.