PUNE: Pune-based constro magnate Avinash Bhosale had bought a property in London, which was ill-gotten. Bhosale had allegedly paid in GB£ million (nearly ₹1,000 crore) circa 2018 by contributing ₹300 crore and taking the remaining ₹700 crore as a loan from Yes Bank, then led by Rana Kapoor, the chargesheet submitted by the CBI in the Yes Bank-DHFL case said.
The accused are Bhosale, Kapoor, Sanjay Chhabriaa of the Radius Group, and Kapil Wadhawan, erstwhile promoter of Dewan Housing Finance (DHFL) and others.
"A significant amount of ₹300 crore was diverted by Bhosale to acquire a property at 5, Strand London, valued at GB£92.5 million (GB million with taxes/fee, etc) through an SPV namely Flora Developments Ltd floated in UK," said the chargesheet.
A loan of GB £70 million (₹700 crore) was remitted by Yes Bank directly to the UK account of Bhosale's Flora Developments in 2018 for acquisition of the property, the CBI added.
Apparently, Yes Bank was supposed to pay Bhosale commissions, but because it was unable to do so directly, it was mutually agreed between Kapoor and Kapil Wadhawan that DHFL would pay them in the form of a consultancy fee. Yes Bank would bear the burden by providing relaxation in charges to be collected from DHFL against investments in DHFL, which CBI confirmed through related emails recovered during the investigation.
The CBI is investigating a case of cheating where Yes Bank had sanctioned ₹4,727 crore in loans to DHFL group and it had defaulted on the payment. DHFL transferred a huge amount of it to Chhabriaa's Radius Group in the form of loans, and it too, defaulted on payment. The agency says the accused entered into a criminal conspiracy to cause losses to Yes Bank and DHFL for personal gains.
According to the CBI, in 2018, Kapoor, through Yes Bank, had sanctioned loans to DHFL for which he allegedly received ₹600 crore in kickbacks. Bhosale had facilitated the Yes Bank loans to DHFL and Bhosale, through his companies, had received a total of ₹569.2 crore from DHFL and Radius Group. Of which, ₹69crore as a payoff is shown as consultancy fees, ₹183 crore as loans from DHFL and ₹317 crore from Radius Group as interest repayment on the money he had invested in the group. Bhosale and Chhabriaa are both in custody.
The money used to buy the London property originated from the funds Bhosale had allegedly received from DHFL and Radius Group. Purportedly, Chhabriaa was paying 18% interest to Bhosale on his investments.