Pune builder Avinash Bhosale gets bail in CBI case

Bhosale, the chairman and founder of ABIL Group, was arrested by the CBI on May 26, 2022, and has been in judicial custody since then

The Bombay High Court on Friday granted bail to Pune-based builder Avinash Bhosale in the corruption case involving Dewan Housing Finance Ltd (DHFL) and Yes Bank, being investigated by the Central Bureau of Investigation (CBI).

According to the CBI, Bhosale received kickbacks from Yes Bank founder Rana Kapoor, who is a co-accused in the case, in exchange for diverting funds. (HT FILE)

Bhosale, the chairman and founder of ABIL Group, was arrested by the CBI on May 26, 2022, and has been in judicial custody since then. Justice NJ Jamadar directed Bhosale’s release on bail upon furnishing a personal bond of ₹1 lakh.

The high court heard a petition filed by Bhosale challenging the order dated May 16, 2023, passed by the sessions court in Mumbai, which extended his judicial custody. According to the CBI, Bhosale received kickbacks from Yes Bank founder Rana Kapoor, who is a co-accused in the case, in exchange for diverting funds.

The investigating agency alleged that Bhosale received kickbacks worth ₹350 crore from the Radius Group for facilitating loans from DHFL through consultancy service payments. However, Bhosale refuted the allegations, claiming that all transactions were legitimate business dealings.

The Enforcement Directorate (ED) is also investigating allegations of money laundering against Bhosale. Bhosale has filed a petition challenging his arrest by the central agencies, which is awaiting a hearing.

The central agency had previously arrested Rana Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan, alleging their involvement in a criminal conspiracy to provide financial assistance to DHFL in exchange for substantial undue benefits to Kapoor and his family members.