Yes Bank-DHFL scam: Court says nation is victim, denies bail to Pune-based realtor

A special CBI court here has denied bail to Pune-based builder Avinash Bhosale in connection with a case pertaining to the Yes Bank-DHFL scam, saying the nation is the victim of cheating and criminal conspiracy.

The court said that prima facie Bhosale’s involvement “in this serious economic offence is deep-rooted”.

While Special Judge M G Deshpande denied bail to Bhosale on June 23, the detailed order was available on Tuesday.

The court said that Yes Bank’s money, which is basically public money and the wealth of the nation, was usurped.

“The bank was cheated by wisely hatching criminal conspiracy by accused persons. Money of Yes Bank is the wealth of the Nation. Nation is victim of this offence of cheating and criminal conspiracy,” the court said, declining to give relief to Bhosale.

The special judge said that the way the fraud was committed, granting bail to the applicant (Bhosale) is not safe and there is every possibility of “spoiling” the case by tampering with the evidence and hampering the trial.

Bhosale, founder of Avinash Bhosale Infrastructure Limited (ABIL) Group in Pune, was arrested in May last year for his alleged role in the Yes Bank-DHFL scam.

The CBI has alleged that Yes Bank under Rana Kapoor, former managing director and chief executive officer (CEO), had disbursed Rs 3,983 crore to Dewan Housing Finance Limited (DHFL).

Out of the said amount, DHFL had sanctioned and disbursed loans aggregating to Rs 2,420 crore to three group concerns of Radius Group, headed by co-accused Sanjay Chhabria.

The loans sanctioned to Radius Group concerns were siphoned off and became NPA (non-performing assets) in the books of DHFL with an outstanding liability of Rs 2,130 crore, the CBI has alleged.

Bhosale allegedly received Rs 350 crore kickbacks from Radius group for facilitating loans from DHFL in the form of consultancy services payments, according to the CBI probe.

The court said the applicant could not “point out any other such contracts of consultancy and project evolution made by him or his concerns ever before by charging such heavy fees”.

It is prima facie evident that Bhosale’s involvement in this serious economic offence is deep- rooted, the court said, adding the amount of fraud committed in this case is very huge.

Main accused Rana Kapoor has been in jail since his arrest in the case in March 2020.

Related Articles

Latest Articles