Yes Bank-DHFL scam: CBI files chargesheet against Pune builder Avinash Bhosale

The Central Bureau of Investigation (CBI), probing the Yes Bank-DHFL scam, filed a supplementary chargesheet against Pune-based builder Avinash Bhosale at a special court on Monday

The Central Bureau of Investigation (CBI), probing the Yes Bank-DHFL scam, filed a supplementary chargesheet against Pune-based builder Avinash Bhosale at a special court on Monday. Bhosale was arrested in Pune on May 26.

Avinash Bhosale HT Archives

Without divulging the details, an agency spokesperson said Bhosale, one Satyen Tondon, and six companies linked to the builder had been named in the chargesheet.

Bhosale is the father-in-law of former Maharashtra minister and Congress leader Vishwjit Kadam. The main chargesheet in the case was filed in June last year.

The Yes Bank scam also involves DHFL (Dewan Housing Finance Corporation Limited) and its promoters Kapil and Dheeraj Wadhawan.

The CBI had earlier said that between April and June 2018, Yes Bank invested around ₹3,700 crore in short-term non-convertible debentures or “Masala Bonds” of DHFL. But the agency on Monday said that its investigation found that the amount was ₹4,727 crore.

The bank also sanctioned a term loan of ₹750 crore to a DHFL group firm. In return, the then Yes Bank MD and CEO Rana Kapoor received a kickback of ₹600 crore from DHFL in the form of a loan to his family firm, Do It Urban Ventures (India) Private Limited, the CBI had said.

The investigation also found that in 2017 and 2018, DHFL paid ₹68.82 crore to Bhosale’s firms under the guise of providing consultancy services like architectural, construction planning, and financial advice for three construction projects of builder Sanjay Chhabariaa, also arrested in the case, and one project of Sudhakar Shetty.

But no such services were provided, and the entire payment was obtained by companies of Bhosale without performance of any work/service, the agency had said.

Radius Group of Chhabariaa also diverted ₹292.5 crore after receiving loans of ₹2,000 crore from DHFL. “Sumer Radius Realty diverted the said amount to Nibodh Realty LLP and ABIL Dairy, companies of Avinash Nivrutti Bhosale,” the CBI had earlier said.