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September 28, 2022

2 Builders’ Assets Worth ₹ 415 Crore Seized In India’s Biggest Bank Fraud

Sanjay Chhabria and Avinash Bhosale were earlier arrested in the Yes Bank-DHFL case that caused an alleged loss of over ₹ 34,000 crore to banks.

New Delhi: 

Days after An AgustaWestland helicopter was seized from the property of a Maharashtra-based builder accused of money laundering and cheating, the Enforcement Directorate today attached assets worth ₹ 415 crore from him, and another builder, who are accused in India’s biggest bank fraud case.

Sanjay Chhabria of Radius Developers and Avinash Bhosale of ABIL Infrastructure were earlier arrested in the Yes Bank-DHFL (Dewan Housing Finance Limited) case that caused an alleged loss of over ₹ 34,000 crore to a consortium of 17 banks led by Union Bank of India.

Central Bureau of Investigation, or CBI, officers had last week found the helicopter at the property Avinash Bhosale in Pune.

Today, a land parcel in Mumbai’s Santacruz worth ₹ 116.5 crore, 25% equity shares of Mr Chhabria’s company held in a land parcel located at Bengaluru worth ₹ 115 crore, another flat in Santacruz worth ₹ 3 crore, profit from a hotel belonging to Mr Chhabria at Delhi airport worth ₹ 13.67 crore, and three high-end luxury cars of Sanjay Chhabria worth ₹ 3.10 crore were seized, the agency said

Further, assets of Avinash Bhosale in the form of a duplex flat belonging in Mumbai worth ₹ 102.8 crore, one land parcel in Pune worth ₹ 14.65 crore, another land parcel in Pune worth ₹ 29.24 crore, a land parcel in Nagpur worth ₹ 15.52 crore and another portion of land located in Nagpur valued at ₹ 1.45 crore were attached, ED claimed.

The probe agency is 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 had “entered into a criminal conspiracy” with Kapil Wadhawan and others to provide financial assistance to DHFL through Yes Bank in exchange for kickbacks to himself and his family members through the companies held by them.

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