Yes Bank-DHFL Case: Mumbai Court Sends Builder Avinash Bhosale To CBI Custody Till June 8
A special court in Mumbai remanded ABIL group chairman and Pune-based builder Avinash Bhosale in the Central Bureau of Investigation's (CBI) custody till June 8 in the DHFL- Yes Bank case involving its co-founder - Rana Kapoor. According to CBI's remand application the agency found that Bhosale's companies received Rs 68.82 crores from DHFL in 2018 for consultancy services provided...
A special court in Mumbai remanded ABIL group chairman and Pune-based builder Avinash Bhosale in the Central Bureau of Investigation's (CBI) custody till June 8 in the DHFL- Yes Bank case involving its co-founder - Rana Kapoor.
According to CBI's remand application the agency found that Bhosale's companies received Rs 68.82 crores from DHFL in 2018 for consultancy services provided for projects Avenue 54, One Mahalaxmi and an SRA project in Worli, which was to be developed by Sudhakar Shetty of Sahana group.
But Bhosale's companies received payment without providing any services, the remand stated. "…It is relevant to mention here that the said amount has been diverted by DHFL against high processing fee charged from the said borrowers and are therefore diversions from the loans," said the agency.
CBI said it wanted to investigate how the diverted public funds were used.
Bhosale was arrested on May 26 and was kept at the CBI guest house, at BKC, after his counsel - Vijay Aggarwal alleged his arrest was illegal. Special judge D P Shingade did not pass a final order on the remand and instead decided to allot time to the agency to file a written reply to those objections on Monday.
Aggarwal claimed that the CBI would need to take the Maharashtra government's permission to register a case against Bhosale, which they may not get. Therefore, under the garb of investigating the Yes Bank-DHFL, Bhosale's custody is being sought. "The court will have to see their sinister design."
He also argued that the CBI did not have permission to investigate the case further.
However, Additional Solicitor General Anil Singh and special public prosecutor J K Sharma cited the absence of an embargo in law, which would bar the investigating agency from continuing with the investigation at any stage of the trial. The CBI sought Bhosale's custody for 10 days.
Singh further argued that in one of its orders, the court had directed completion of further investigation at the earliest.
"In the application of Rana Kapoor, it was said that further investigation could not have been held as a chargesheet was filed. However, the court had rejected the application, stating that charges are not framed against all accused, so further investigation can be carried out."