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2 Builders’ Belongings Price Rs 415 Crore Seized In India’s Greatest Financial institution Fraud


New Delhi:

Days after An AgustaWestland helicopter was seized from the property of a Maharashtra-based builder accused of cash laundering and dishonest, the Enforcement Directorate right now hooked up property price Rs 415 crore from him, and one other builder, who’re accused in India’s largest financial institution fraud case.

Sanjay Chhabria of Radius Builders and Avinash Bhosale of ABIL Infrastructure have been earlier arrested within the Sure Financial institution-DHFL (Dewan Housing Finance Restricted) case that brought on an alleged lack of over Rs 34,000 crore to a consortium of 17 banks led by Union Financial institution of India.

Central Bureau of Investigation, or CBI, officers had final week discovered the helicopter on the property Avinash Bhosale in Pune.

At present, a land parcel in Mumbai’s Santacruz price Rs 116.5 crore, 25% fairness shares of Mr Chhabria’s firm held in a land parcel situated at Bengaluru price Rs 115 crore, one other flat in Santacruz price Rs 3 crore, revenue from a resort belonging to Mr Chhabria at Delhi airport price Rs 13.67 crore, and three high-end luxurious automobiles of Sanjay Chhabria price Rs. 3.10 crore have been seized, the company mentioned.

Additional, property of Avinash Bhosale within the type of a duplex flat belonging in Mumbai price Rs 102.8 crore, one land parcel in Pune price Rs 14.65 crore, one other land parcel in Pune price Rs 29.24 crore, a land parcel in Nagpur price Rs 15.52 crore and one other portion of land situated in Nagpur valued at Rs. 1.45 crore have been hooked up, ED claimed.

ED issued two provisional attachment orders beneath the provisions of the Prevention of Cash Laundering Act, 2002 (PMLA) towards the duo.

With this newest attachment, the overall goes as much as Rs 1,827 crore, the enforcement company mentioned.

The probe company is investigating Sure Financial institution co-founder Rana Kapoor and DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan primarily based on an FIR filed in 1988 alleging that Mr Kapoor had “entered right into a legal conspiracy” with Kapil Wadhawan and others to offer monetary help to DHFL via Sure Financial institution in alternate for kickbacks to himself and his members of the family via the businesses held by them. 

ED claims that Rana Kapoor received Sure Financial institution to speculate Rs 3,700 crore in short-term non-convertible debentures of DHFL and Rs 283 crore in Masala Bonds of DHFL. Concurrently, Kapil Wadhawan via DHFL paid a kickback of Rs 600 crore, within the garb of mortgage, to one in every of Rana Kapoor’s corporations. 

The company says its investigation reveals that instantly after the switch of Rs 3,983 crore by Sure Financial institution to DHFL, the latter sanctioned Rs 2,317 crore as a mortgage to Radius Group of Sanjay Chhabria within the title of improvement of his venture “Avenue 54” at Santacruz in Mumbai. Sanjay Chhabria then diverted the identical with out utilizing it for the declared function, ED mentioned.

The probe company additional accused Sanjay Chhabria of conniving with Avinash Bhosale and diverting funds to his numerous corporations. “Other than this, Avinash Bhosale had connived with Kapil Wadhawan of DHFL and acquired approx Rs 71.82 crore from DHFL within the garb of offering sure providers to DHFL and different entities. Nonetheless, the mentioned so-called providers have by no means been supplied and the identical was utilised by Mr Avinash Bhosale for his useful use,” ED mentioned.

The CBI had final week additionally recovered work and watches price a number of crores throughout additional searches carried out within the case.

The investigation company mentioned articles price a number of crores have been bought from diverted funds. 

Two work made by FN Souza (1964) and one other by SH Raza (1956) price Rs 5.50 crore (approx); two watches of Jacob & Co and Frank Muller Geneve price Rs 5 crore (approx) and gold and diamond jewelry together with bangles and necklaces price Rs 2 crore (approx) have been recovered. 

ED had earlier hooked up properties price Rs 1,412 crore, seized 5 high-end automobiles of the Wadhawans having an approximate worth of Rs 12.59 crore, and likewise hooked up properties price Rs 600 crore of Rana Kapoor within the case. The company arrested Kapil Wadhawan, Dheeraj Wadhawan, and Rana Kapoor earlier this 12 months. They’re nonetheless in judicial custody.

ED additionally arrested Sanjay Chhabria and Avinash Bhosale in June; each are in judicial custody as nicely.

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