Last Updated:

DHFL-Yes Bank Case: Visuals Of Rs 415 Cr Seized Assets Of Bhosale-Chhabria Accessed; WATCH

Republic accessed exclusive visuals of the Rs 415 crore worth of assets belonging to accused Avinash Bhosale and Sanjay Chhabria attached, on Friday.

Image: PTI


Two days after the Enforcement Directorate's action in the DHFL-Yes Bank scam, Republic accessed exclusive visuals of the Rs 415 crore worth of assets belonging to accused Avinash Bhosale and Sanjay Chhabria attached on Friday. The assets allegedly worth Rs 250 crore attached include- Chhabria's land parcel and flat at Santacruz, Mumbai worth Rs 3 crore, 25% equity shares of his company held in a land parcel at Bengaluru worth Rs 115 crore, profit receivable from a hotel belonging to him at the Delhi airport worth Rs 13.67 crore, and three high-end luxury cars worth Rs 3.01 crore. Also, Bhosale's assets worth Rs 164 crore, including a flat in Mumbai worth Rs 102 crore, two land parcels in Pune worth Rs 14 crore and Rs 29 crore, and two land parcels in Nagpur worth Rs 15 crore and Rs 1.45 crore were attached.

What is the Yes Bank-DHFL fraud case?

As per the ED, Yes Bank co-founder Rana Kapoor entered into a criminal conspiracy with DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan to extend financial assistance to DHFL via his bank in lieu of undue benefit to himself and his kin through the companies controlled by them. Yes Bank allegedly invested Rs3700 crore in short-term non-convertible debentures of DHFL and Rs 283 crore in masala bonds of DHFL allegedly owing to Kapoor's pressure. Simultaneously, Kapil Wadhawan through DHFL purportedly paid a kickback of Rs 600 crore in the form of a loan to DoIT Urban Ventures.

Kapoor is the beneficial owner of this company, the ED claimed. Moreover, the central agency stated that DHFL sanctioned loans to Chhabria's Radius Group worth Rs 2317 crore for the development of the 'Avenue 54' project at Santacruz. These funds were allegedly diverted by Chhabria to Bhosale's beneficially owned companies. The ED also accused Bhosale of receiving Rs 71.82 crore from DHFL in the garb of providing some services. While Kapoor was arrested in this case on March 8, the Wadhawans were taken into custody on May 14. 

On the other hand, the ED arrested Chhabria and Bhosale on June 7 and June 28 respectively and are currently in judicial custody. Overall, assets worth Rs 1827 crore have been attached in this case until now. The ED's case is based on the CBI's FIR registered under Sections 120B (criminal conspiracy) of the Indian Penal Code read with Section 420 (cheating and dishonestly inducing delivery of property) and Sections 7, 12 and 13(2) read with Sections 13 and 10(d) of the Prevention of Corruption Act. 

First Published: