The CBI suspects that illicit funds were routed through several real estate companies based in Maharashtra
The CBI suspects that illicit funds were routed through several real estate companies based in Maharashtra
The Central Bureau of Investigation (CBI) on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate group ABIL group, in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Wadhawan of DHFL, officials said.
The CBI suspects that illicit funds were routed through several real estate companies based in Maharashtra, they said.
The agency had carried out searches at the premises of noted builders of the State on April 30 to further probe on this aspect of the case, they said. Premises of ABIL and Mr. Bhosale were also searched during the operation.
The CBI has now arrested Mr. Bhosale in a 2020 case against Mr. Kapoor and Mr. Wadhawan among others for alleged corruption.
The CBI had recently arrested Sanjay Chhabria of Radius Developers in the case. The agency has alleged that Mr. Kapoor entered into a criminal conspiracy with Mr. Wadhawan for extending financial assistance to DHFL through Yes Bank in return for substantial undue benefits to himself and his family members through companies held by them, they said.
According to the CBI FIR, the scam started taking shape between April and June 2018, when Yes Bank invested ₹3,700 crore in short term debentures of scam-hit DHFL.
In return, Mr. Wadhawan allegedly “paid kickback of…
