Pune Builder Bhosale Gets Bail in Yes Bank-DHFL Scam
By Rediff Money Desk, Mumbai May 17, 2024 17:54
Pune builder Avinash Bhosale granted bail by Bombay High Court in alleged corruption case involving Yes Bank and DHFL. Bhosale was arrested in May 2022 by the CBI.
Mumbai, May 17 (PTI) The Bombay High Court on Friday granted bail to Pune-based builder Avinash Bhosale in an alleged corruption case involving Yes Bank and DHFL, which is being probed by the Central Bureau of Investigation (CBI).
Bhosale, arrested in the case in May 2022, is currently in judicial custody, but admitted in a hospital for medical treatment.
A single bench of Justice N J Jamadar granted bail to the real estate developer and directed him to deposit a surety of Rs 1 lakh.
The CBI's allegations is that Bhosale had received kickbacks from Yes Bank co-founder Rana Kapoor, also an accused in the case, in return for diverting funds.
Yes Bank under Kapoor had disbursed Rs 3,983 crore to Dewan Housing Finance Ltd (DHFL), which were proceeds of crime. Out of the said amount, DHFL had sanctioned and disbursed loans aggregating to Rs 2,420 crore to three group concerns of the Radius group, headed by businessman Sanjay Chhabria, also an accused in the case, said the central probe agency.
Bhosale allegedly received Rs 350-crore kickbacks from the Radius group for facilitating loans from DHFL in the form of consultancy services payments, according to the CBI probe.
The CBI had in 2020 arrested Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan, claiming they had entered into a criminal conspiracy through which financial assistance was extended to their housing finance firm in lieu of substantial undue benefits to the Yes Bank co-founder and his family members.
Bhosale, arrested in the case in May 2022, is currently in judicial custody, but admitted in a hospital for medical treatment.
A single bench of Justice N J Jamadar granted bail to the real estate developer and directed him to deposit a surety of Rs 1 lakh.
The CBI's allegations is that Bhosale had received kickbacks from Yes Bank co-founder Rana Kapoor, also an accused in the case, in return for diverting funds.
Yes Bank under Kapoor had disbursed Rs 3,983 crore to Dewan Housing Finance Ltd (DHFL), which were proceeds of crime. Out of the said amount, DHFL had sanctioned and disbursed loans aggregating to Rs 2,420 crore to three group concerns of the Radius group, headed by businessman Sanjay Chhabria, also an accused in the case, said the central probe agency.
Bhosale allegedly received Rs 350-crore kickbacks from the Radius group for facilitating loans from DHFL in the form of consultancy services payments, according to the CBI probe.
The CBI had in 2020 arrested Kapoor and DHFL promoters Kapil and Dheeraj Wadhawan, claiming they had entered into a criminal conspiracy through which financial assistance was extended to their housing finance firm in lieu of substantial undue benefits to the Yes Bank co-founder and his family members.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Mishtann Foods L
- 9.84 (+ 9.94)
- 184493613
- Thinkink Picturez
- 2.13 (+ 4.93)
- 84583198
- Srestha Finvest
- 0.90 ( -4.26)
- 79660973
- Rajnish Wellness
- 1.83 ( -1.61)
- 61365296
- Vodafone Idea L
- 8.03 ( -0.62)
- 37608220
MORE NEWS
Morgan Stanley, Societe Generale Invest in...
Morgan Stanley, Societe Generale, Citigroup, and Goldman Sachs invested Rs 416 crore in...
Shriram Finance Sells Housing Finance Arm to...
Shriram Finance has completed the sale of its housing finance subsidiary, Shriram...
Vivek Oberoi Joins Nisus High Yield Growth Fund
Actor Vivek Oberoi has become a partner in the Nisus High Yield Growth Fund, a...