The agency suspects that the entire sum received by Yes Bank from DHFL was laundered by the accused brothers Kapil and Dheeraj Wadhawan. Along with brother Wadhawan, promoter of Yes Bank, Rana Kapoor was arrested in the said case.
The agency made the disclosure as it sought custody of Pune-based ABIL Group builder and developer Avinash Bhosale. The constructor, Sanjay Chhabria of the Radius group to whom DHFL sanctioned the loan of Rs 2,317 was also booked in the same deal.
The agency’s investigation reportedly revealed that Bhosale and its entities beneficially owned by DHFL received funds during the same period that funds were fraudulently received in DHFL by Yes Bank against NCD’s underwriting.
ED told the court that the Wadhawans had conspired with Chhabria and that the loan to Chhabria’s business had not been used for the purpose for which it was stated. “…The fund of Rs 2,317 crore is nothing but a part of the Proceeds of Crime (POC) of Rs. 3,983 crores received by DHFL from Yes Bank,” the referral request considered by AND.
From this, funds to the tune of Rs. 267 crores were diverted to Bhosale’s company, namely Mis Nibodh Realty LLP. “It is pertinent to mention here that this embezzled fund of Rs. 267 Crore is part of Rs. 2317 Crore received by Chhabria from DHFL,” the ED said.
“It is learned that DHFL had given these funds to Bhosale and its beneficiary entities in the name of consultancy fees/fees etc. to provide them with services related to loans granted to various projects by DHFL. During the investigation conducted, it was found that no such service was provided by either Bhosale or its entities. The payments that DHL has made to them are nothing but a siphoning off of funds by DHL,” he added.
Barrister Vijay Aggarwal and Barrister Yash Agarwal briefed by Wadia Ghandy & Co appeared for Bhosale opposing the arrest and dismissal made by ED.
The court, while returning Bhosale to ED’s custody until July 5, granted the request filed by attorney Aggarwal and ordered that the interrogation be conducted under CCTV surveillance. The court also allowed this lawyer to be present during the interrogation at a visible but not audible distance. The court allowed Bhosale to meet with his lawyer for one hour a day for legal advice. In addition to allowing the food and medicine requests filed by Bhosale, the court also ordered that an orthopedic bed be provided to Bhosale.