Enforcement Directorate Seizes Rs 415 Crore-Worth Assets Of 2 Builders

Property of 2 builders worth Rs 415 Crore seized in India's biggest bank fraud

New Delhi:

The Days After An AgustaWestland Helicopters confiscated from the property of a builder based in Maharashtra Alleged money laundering and fraud, the Department of Enforcement has today attached property worth Rs 415 crore from him and another builder who are charged in India’s largest bank fraud.

Radius Developers’ Sanjay Chhabria and ABIL Infrastructure’s Avinash Bhosale were previously arrested in the Yes Bank-DHFL (Dewan Housing Finance Limited) case which caused a loss of more than Rs 34,000 crore to a consortium of 17 banks led by Union Bank of India. head.

Last week, officers from the Central Bureau of Investigation, or CBI, found the helicopter at the Avinash Bhosale estate in Pune.

Today a parcel of land in Mumbai’s Santacruz is worth Rs 116.5 crore, 25% share capital of Mr Chhabria’s company is held in a parcel of land in Bengaluru worth Rs 115, another apartment in Santacruz worth Rs 115. Priced at Rs 3 crore, the profit from a hotel belongs to Mr. Chhabria at Delhi airport is worth Rs 13.67 crore, and three high-end luxury cars by Sanjay Chhabria are worth Rs. The agency said, 3.10 crore was seized.

Furthermore, Avinash Bhosale’s property in the form of a duplex apartment in Mumbai is worth Rs 102.8 crore, a parcel of land in Pune is valued at Rs 14.65 crore, another parcel of land in Pune is valued at Rs 29.24. , a parcel of land in Nagpur valued at Rs 15.52 and another piece of land located in Nagpur valued at Rs. The claimed ED is 1.45 crore.

The ED issued two temporary attachments under the Anti-Money Laundering Act, 2002 (PMLA) against the duo.

With this latest attachment, the total comes to Rs 1,827 crore, the enforcement agency said.

Investigators are investigating Yes Bank co-founder Rana Kapoor and DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan based on an FIR filed in 1988 alleging that Mr Kapoor was “participating in a criminal conspiracy”. ” with Kapil Wadhawan and others to provide financial assistance to DHFL through Yes Bank in return for reimbursement to themselves and family members through companies held by them.

The ED stated that Rana Kapoor asked Yes Bank to invest Rs 3,700 in DHFL’s short-term non-convertible debt and Rs 283 in DHFL’s Masala Bonds. At the same time, Kapil Wadhawan through DHFL returned a refund of Rs 600 crore, as a loan, to one of Rana Kapoor’s companies.

The agency said its investigation revealed that shortly after Yes Bank transferred Rs3,983 crore to DHFL, it subsequently fined Rs 2,317 crore as a loan to Sanjay Chhabria’s Radius Group in the name of project development. his “Avenue 54” at Santacruz in Mumbai. Then Sanjay Chhabria similarly redirected it without using it for its claimed purpose, the ED said.

Investigators also accused Sanjay Chhabria of colluding with Avinash Bhosale and transferring money to his various companies. “Apart from this, Avinash Bhosale colluded with DHFL’s Kapil Wadhawan and received around Rs 71.82 crore from DHFL to provide certain services to DHFL and other organizations. However, the so-called translation this service was never offered and similarly was used by Mr. Avinash Bhosale for his benefit,” ED said.

The CBI last week also recovered several watches worth of paintings and watches in further searches conducted in this case.

The investigative agency said the articles worth several crores were purchased from diversion funds.

Two paintings by FN Souza (1964) and another by SH Raza (1956) worth Rs 5.50 crore (approximately); Two watches by Jacob & Co and Frank Muller Geneve worth Rs 5 crore (approximately) and gold and diamond jewelry including bracelets and necklaces worth Rs 2 crore (approximately) have been recalled.

ED had pre-owned assets of Rs 1,412 crore, seized 5 high-end Wadhawans cars valued at approximately Rs 12.59 crore, and also Rana Kapoor’s Rana Kapoor Rs 600 crore attachments. in the case. The agency arrested Kapil Wadhawan, Dheeraj Wadhawan and Rana Kapoor earlier this year. They are still in judicial custody.

The ED also arrested Sanjay Chhabria and Avinash Bhosale in June; Both are in judicial custody.

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