Mumbai:The Enforcement Directorate (ED) attached assets worth Rs 415 crore that belonged to Sanjay Chhabriaa of the Radius group and Pune businessman Avinash Bhosale in a money laundering investigation related to the Yes Bank-DHFL loan fraud case.
Chhabria owned Rs 251 crore of the connected assets’ total worth, and Bhosale owned the remaining Rs 164 crore.
Chhabria’s attached assets include a land parcel in Santacruz worth Rs 116.5 crore; his 25% equity shares in a land parcel in Bengaluru worth Rs 115 crore; a flat in Santacruz worth Rs 3 crore; Rs 13.7 crore profit receivable from his hotel at the Delhi Airport; and three luxury vehicles totaling Rs 3.1 crore.
However, Bhosale is not far behind in the money laundering case. He owns a duplex flat in Mumbai worth Rs 103 crore, two land parcels in Pune and Nagpur worth Rs 44 crore and Rs 17 crore, respectively.
ED said that Chhabriaa’s group company had been developing a project called “Avenue 54” in Santacruz. It took loans of Rs 2,100 crore (Rs 100, Rs 1,100 crore and Rs 900 crore) from DHFL for the project. Afterwards, Chhabria took a fresh loan of Rs 678 in the name of Flag Industries for the development of a Club House in Avenue 54.
ED said that from the loan money, Chhabriaa had used Rs 562 crore for repayment of his group companies’ earlier pending loan to Indiabulls Housing Finance, Rs 75 crore to Suraksha Realty and Rs 264 crore was transferred to his other group company, Radius Enterprises. From Radius Enterprises, Rs 102 crore was transferred to Raghuleela Builders, from which Rs 20 lakh was paid to Vijaya Bank against a pending loan of Rs 90 crore taken for the “One BKC” project. A further Rs 13.8 crore was paid to the Bank of Baroda against part payment of a loan of Rs 500 crore taken for one BKC project.
Chhabriaa sent Rs 175 crore to Avinash Bhosale’s company, Nibodh Realty. Bhosale got about Rs 69 crore from DHFL. The allegation is that Bhosale went on to help DHFL get money from Yes Bank as a loan, and he accepted a kickback from them.