CBI arrested multi-billionaire businessman, Avinash Bhosale for his alleged involvement in the scam involving Yes Bank and the DHFL scam, know his wife and father-in-law
The Central Bureau of Investigation (CBI) has detained Avinash Bhosale, a multi-billionaire businessman, in the Yes Bank-DHFL scam case. On May 27, 2022, he will be brought before the court.
Avinash Bhosale Biography, Age, Family, Wife, Son-In-Law Of, Business, Net Worth And CBI Arrest Latest News Today
In April, the central investigative authorities conducted extensive searches at 8 premises in Mumbai and Pune linked to him and 2 other builders, Shahid Balwa and Vinod Goenka.
The raids were part of the CBI’s investigation into a fraudulent case involving Yes Bank and the Dewan Housing Finance Limited (DHFL) Scam.
Since then, lots of people are talking about him and the scam he did. So, let’s find out more about him:
Who Is Avinash Bhosale?
Avinash Bhosale is a famous multi-billionaire who is known for his work in the construction field. Recently, he also made the news because of being involved in a scam.
On 25 November, 1960, he took birth in a middle-class household in Maharashtraand is currently aged 61 years. His father Nivruti Ganpat Bhosale was an engineer in CPWD and had determined that his son needed hands-on experience in the building industry. He has a brother Abhay and two sisters.
The Pune businessman is the son-in-law of Congress, former Forest Minister, and Chancellor of Bharati University Pantagrao Kadam and married to his daughter Vishwajit Kadam. He has a daugther Swapnali as well.
His Career
After failing the Class 12th board exam, Avinash decided to follow his father’s advice and work for a competent builder and developer.
He begged his father to permit him to construct his own residential building under the guidance of a certified civil engineer after earning a few years of work experience in the construction business. His first residential project was completed in the Pune neighbourhood of Kothrud.
Later on, he and his two partners started their own construction firm. After a tough start, things began to improve as a result of his friendship with political officials, who assisted him in obtaining lucrative building contracts through the Maharashtra Krishna Valley Development Corporation (MKVDC).
He later formed the ABIL Group (Avinash Bhosale Infrastructure Limited), which grew into one of the most powerful economic giants in India. It has built some of Pune’s most prestigious residential and commercial structures in recent years. The firm is also working on bridges, motorways, tunnels, dams, and canals for Maharashtra and India.
How Is Avinash Bhosale Involved In DHFL Scam?
According to the CBI, the Yes Bank-DHFL Scam took place in 2008 when Yes Bank spent Rs. 3,700 crores in short-term debt securities in DHFL-Dewan Housing Finance Limited. Through a loan to DoIT Urban Ventures, DFHL’s Kapil Wadhwan reportedly paid a bribe of Rs. 600 crores to Yes Bank founder Rana Kapoor and his relatives.
According to the agency, Kapoor reportedly participated in a criminal conspiracy to provide financial aid to DHFL through Yes Bank in exchange for large unwarranted advantages through their firms.
In connection with the investigation, the CBI conducted searches at 8 sites in Mumbai and Pune, including those associated with Avinash Bhosale and ABIL. That is why the CBI has arrested him in this case.