Pune-based builder Avinash Bhosale spent ₹300 crore of the ₹550 crore received from DHFL to buy a property in London, the Central Bureau of Investigation (CBI) has said in a charge-sheet.
The CBI has arrested Bhosale in an alleged scam involving Dewan Housing Finance Ltd (DHFL) and Yes Bank. The charge sheet was filed before a special CBI court earlier this week.
The supplementary charge sheet said co-accused Sanjay Chhabariaa diverted ₹317.40 crore -- part of the funds, which DHFL had received as loans from Yes Bank -- to Bhosale and his companies.
As per the CBI, ₹43 crore were disbursed to ABIL Infrastructure and ₹140 crore to Metropolis Hotels. DHFL's Kapil Wadhawan had sanctioned this disbursement shortly after Yes Bank made investment in DHFL in April-May 2018, it said.
Both ABIL Infrastructure and Metropolis Hotels are owned or controlled by Bhosale.
Further, three other entities of Bhosale's received ₹68.80 crore as consultancy fee for multiple projects financed by Kapil Wadhawan, the charge sheet said.
In all, Bhosale's companies received ₹569.22 crore from DHFL, which in turn had received the funds from Yes Bank, it said.
Bhosale used ₹300 crore of this money to acquire a property at 5 Strand London, valued at £92.5 million, through Flora Developments Ltd floated in the UK, the charge sheet said.
As per the CBI, Yes Bank promoter, Rana Kapoor entered into a criminal conspiracy with former DHFL Chairman and Managing Director, Kapil Wadhawan for extending financial assistance to DHFL through Yes Bank.
In return, Kapoor and his family were to get substantial undue benefits.
According to the CBI, the scam started taking shape between April to June, 2018 when Yes Bank invested ₹3,700 crore in short term debentures of scam-hit DHFL.
In return, Wadhawan allegedly paid "kickback of ₹600 crore" to Kapoor and his family members in the form of loans to DoIT Urban Ventures (India) Pvt Ltd, controlled by Kapoor's daughters- Roshini, Radha and Rakhee.