The central probe agency suspects illicit funds were routed through several real estate firms based in Maharashtra
Avinash Bhosale. File pic
Nearly a week after his arrest, a special CBI court in Mumbai on Tuesday remanded Avinash Bhosale, chairman of Pune-based real estate group ABIL, in the Central Bureau of Investigation (CBI) custody till June 8 in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Wadhawan, promoter of scam-hit Dewan Housing Finance Corporation Ltd (DHFL).
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Bhosale was arrested on Thursday by the central probe agency, which suspects illicit funds were routed through several real estate firms based in Maharashtra. The CBI produced him before special judge DP Singhade on Friday and sought his custody for 10 days.
However, the court couldn’t pass an order on probe agency’s remand plea the same day as the hearing could not be completed within stipulated working hours. A decision on the remand plea could also not be taken as the CBI sought time from the court to file a written reply to objections raised by the Pune-based realtor over his arrest which he termed illegal. The court had given the probe agency time till May 30 to file a reply and directed that the accused be kept at the CBI guest house at Bandra-Kurla Complex until then.
The court, after hearing arguments put forth by the defence and the prosecution, had posted the matter for order on Tuesday. Accordingly, the court remanded the 61-year-old businessman in the CBI custody till June 8. According to the CBI FIR, the scam started taking shape between April and June 2018, when Yes Bank invested Rs 3,700 crore in short-term debentures of DHFL. In return, Wadhawan allegedly “paid kickback of R600 crore” to Kapoor and his family members in the form of loan to DoIT Urban Ventures (India) Pvt Ltd.
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