MUMBAI: The Enforcement Directorate (ED) submitted a chargesheet against builders Avinash Bhosale and Sanjay Chhabriaa before the special PMLA court on Thursday in a money laundering case connected to the Yes Bank-DHFL Rs 3,700-crore loan fraud and money laundering case. Brothers and erstwhile promoters of DHFL Kapil and Dheeraj Wadhawan have also been named.
It is alleged that Chhabriaa and Bhosale received proceeds of crime generated from the loan fraud. The ED refused to share the details of the chargesheet.
Recently, the CBI had filed a chargesheet against these accused in a related cheating case and during the investigation, they had found the quantum of fraud was Rs 4,727 crore, more than the earlier estimated amount of Rs 3,700 crore. The CBI had arrested Chhabriaa and Bhosale first in the Yes Bank-HDFL cheating case and later the ED too obtained their custody in the related money laundering case. They are in jail custody.
The ED investigation found that Yes Bank, then headed by Rana Kapoor, had invested Rs 3,700 crore in DHFL. In lieu, DHFL's Kapil Wadhawan paid Rs 600 crore kickbacks to Kapoor in the guise of a loan to DOIT Urban Venture, controlled by Kapoor's three daughters. The Wadhawan brothers siphoned off the money and Bhosale, who helped them to get the loan, received commission from them.
The ED alleged that "immediately after Yes Bank diverted a part of funds to DHFL, in the first week of June 2018, DHFL diverted Rs 66 crore to Bhosale". Bhosale also received Rs 431 crore in his company Nibodh Realty from Chhabriaa. DHFL further diverted most of the Yes Bank investment into Chhabriaa's company, Radius group, in the guise of loans.
It is alleged that all the accused entered into a criminal conspiracy to commit the fraud by causing loss to Yes Bank and DHFL for personal gain.
Recently, the ED attached Bhosale's duplex flat on 53-54 floors of Sesen Building on Nepeansea Road worth over Rs 103 crore, along with several other properties owned by Bhosale and Chhabriaa collectively worth Rs 415 crore, in the case.
