“Rs 1,000 crore London property of a Pune businessman is ill-gotten,” says CBI in Yes Bank-DHFL case | Bombay News
MUMBAI: Arrested businessman Avinash Bhosale had bought a property in London for around £100 million (nearly Rs 1,000 crore) in 2018 by contributing Rs 300 crore and taking the remaining Rs 700 crore as a loan from Yes Bank, then headed by Rana Kapoor, the bill presented by the CCR in the Yes Bank-DHFL case.
Pune-based Bhosale, Kapoor, Sanjay Chhabriaa of Radius Group, and former Dewan Housing Finance (DHFL) developer Kapil Wadhawan and others were arrested. Businessman Avinash Bhosale had bought a property in London for around 1 million rupees (nearly 1,000 rupees). crore) in 2018 by contributing Rs 300 crore and taking the rest Rs 700 crore as a loan from Yes Bank, then headed by Rana Kapoor, the charge sheet submitted by the CBI in the Yes Bank-DHFL case said. as accused.
“A significant amount of Rs 300 crore was misappropriated by Bhosale to acquire a property at 5 Strand London, worth GBP 92.5 million (million GB with taxes/fees etc.) through an SPV, at namely Flora Developments Ltd, launched in the UK,” said the billing sheet. A £70 million (Rs 700 crore) loan was paid by Yes Bank directly into Bhosale’s UK Flora Developments account in 2018 for the acquisition of the property, the CBI added.
Bhosale was to receive commissions from Yes Bank, but since she could not pay these commissions directly, it was mutually agreed between Kapoor and Kapil Wadhawan that DHFL would pay them in the form of consultancy fees. Yes Bank would bear the burden by granting flexibilities in fees to be collected from DHLL against investments in DHLL, which CBI confirmed through related emails recovered during the investigation.
The CBI is investigating a cheating case in which Yes Bank sanctioned Rs 4,727 crore in loans to DHFL Group and it defaulted. DHFL transferred most of it to Chhabriaa’s Radius Group in the form of loans, and the latter also defaulted. The agency says the accused entered into a criminal conspiracy to cause losses to Yes Bank and DHFL for personal gain.
According to the CBI, in 2018 Kapoor, through Yes Bank, sanctioned loans to DHFL for which he allegedly received bribes of Rs 600 crore. Bhosale had facilitated loans from Yes Bank to DHFL and Bhosale, through his companies, received a total of Rs 569.2 crore from DHFL and Radius Group. Of this, the gain of Rs 69 crore is shown as consultancy fees, Rs 183 crore as loans from DHFL and Rs 317 crore from Radius Group as interest repayment on money he had invested in the group . Both Bhosale and Chhabriaa are in detention.
The investigation further showed that the money used to purchase the London Property mainly come from the funds that Bhosale received from DHFL and the Radius Group. Chhabriaa paid 18% interest to Bhosale on his investments.
The CBI said that Chhabriaa has repaid almost three times the funds received from Bhosale and even after payments of such value, the principal amount of Rs 75 crore is still unpaid. Chhabria used the money from the DHFL loan to pay Bhosale.