ED arrests Pune builder Avinash Bhosale in Yes Bank-DHFL case

The ED, through Special Public Prosecutor Hiten Venegavkar, had sought Bhosale’s custody for 14 days. The agency alleged that DHFL had diverted Rs 66 crore to Bhosale and entities linked to him. The money was given to Bhosale as consultancy charges for providing services related to loans given to various projects by DHFL.

The ED alleged that its investigation showed that no such services were provided by Bhosale and there was siphoning of money. It also claimed that Bhosale had played a key role in execution of allegedly illegal transactions for diversion of funds worth of Rs 267 crore linked to Yes Bank and DHFL in connivance with accused Sanjay Chhabaria of Radius Group. The ED sought his custody to probe the case further.

Lawyers Vijay Aggarwal and Rahul Agarwal, representing Bhosale, opposed the remand plea stating that his custody was not required, as the documents were already with the investigating agency and nothing remains to be recovered from him.

Special Judge M G Deshpande agreed with the contention of the ED that it wants to probe into the further trail of Rs 267 crore involved in the case and said that it was a grave economic offence. “Whatever allegedly laundered is ultimately public money and wealth of the nation. In fact, nation is the victim of the crime,” the court said, adding that the ED should be given sufficient opportunity to conduct a probe..