The Central Bureau of Investigation (CBI) on Monday filed a supplementary charge sheet against Avinash Bhosale, chairman of real estate group ABIL, and six companies in an alleged case of corruption involving Yes Bank and Dewan Housing Finance Corporation Limited (DHFL).
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The supplementary charge sheet names Mr. Bhosale, Satyan Gopaldas Tandon, Metropolis Hotels, ABIL Infraprojects Private Limited, ABIL Hospitality Private Limited, Arindam Developers, Avinash Bhosale Group and Flora Developments Limited.
Mr. Bhosale was arrested on May 26 by the central agency for allegedly routing illicit funds through several real estate companies based in Maharashtra. A month earlier, Mumbai-based realtor, Sanjay Chhabria of Radius Developers was also arrested.
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On April 30, CBI had carried out searches in eight places in Mumbai and Pune, including properties of Mr. Bhosale, builders Shahid Balwa and Vinod Goenka.
According to the CBI, during the year 2018-2019, Rana Kapoor, Yes Bank’s founder, the then promoter and CEO, entered into a criminal conspiracy with Kapil Wadhawan, promoter and director of DHFL, and others for extending financial assistance to DHFL in lieu of substantial undue benefit to himself and his family members through the companies held by them.
Between April and June 2018, Yes Bank Limited had invested ₹3,700 crores in the short-term debentures of DHFL. Simultaneously, Mr. Wadhawan paid a kickback of ₹600 crores to Mr. Kapoor and his family members in the guise of builder loan, the CBI stated. It has been learnt that DHFL has not redeemed the amount of ₹3,700 crore in its debentures till date.
A charge sheet filed by CBI against the Wadhawans revealed that they had influenced the share price of their company and paid Mr. Bhosale against company rules.