Taking action under FEMA, the ED has attached assets worth Rs 40 crore 34 lakh of Avinash Bhosle and his family members. The ED has taken this action to buy foreign security by Bhosale and his family in violation of the rules.
Businessman Avinash Bhosle’s assets worth 40.34 crore seized in ED’s big action
The Enforcement Directorate (ED) has attached assets worth around Rs 40 crore 34 lakh of Pune-based construction businessman Avinash Bhosale and his family members. This action has been taken under the Foreign Exchange Management Act (FEMA) 1999. The ED has taken this action to buy foreign securities of Rochdale Associates Ltd., Dubai by Bhosale and his family. This is a violation of FEMA. These assets are of equal value to the security deposited abroad in violation of FEMA.
It was declared by Avinash Bhosle and his family that he is involved in the business of construction. But the investigation revealed that the company has no business activity and is not generating any value or income.
Attached properties of Avinash Bhosle family
The attached properties are in the form of shares of Classic City Investment Pvt Ltd, Pune, these shares are attached to 3 luxurious five star hotels. The names of these three hotels are- Hotel Westin Pune, Hotel Le Medidion Nagpur, Hotel W Retreat & Spa Goa. Apart from this, equity shares held in ABIL (Avinash Bhosale Infrastructure Pvt Ltd) and bank balances of about Rs 1.15 crore lying in various bank accounts in the name of Bhosale and his family members have been forfeited.
Such is the action taken by the ED so far
Avinash Bhosle was on the ED’s radar for the last few months and his investigation was on. A case was registered against him in the case of money laundering. Raids were also conducted by the ED on the properties of Avinash Bhosale in Pune and Mumbai. He was questioned twice. He was released after interrogation. Avinash Bhosle’s son Amit Bhosle and other members of his family were also questioned. On February 10, Avinash Bhosle was questioned for more than 10 hours. Now the ED has attached assets worth Rs 40 crore 34 lakh of Bhosale and his family.
Who is Avinash Bhosle?
Avinash Bhosle came to Pune in search of employment from Sangamner city of Ahmednagar district of Maharashtra. He started his career as a rickshaw driver. While living in a rented house in Rasta Peth area of Pune, Avinash Bhosle gradually started renting rickshaws. Gradually, they were identified with people and contractors associated with the construction industry. After this Avinash Bhosle started taking small contracts to build roads. After this he entered the business of construction and today is the owner of ABIL Group worth crores of rupees. A few days ago, his company named AB’s Realcon LLP bought a property in the posh area of South Mumbai for Rs 103 crore 80 lakh.
Avinash Bhosle’s Aghadi Sarkar Connection
Avinash Bhosle is the father-in-law of Vishwajit Kadam, Minister of State for Agriculture. Avinash Bhosle is considered to have good penetration in the Mahavikas Aghadi government. Avinash Bhosle has a high reputation in the construction industry of Pune and Mumbai. His company is spread across the country in the infrastructure field. But according to the surprising information that is coming out quoting sources, his company was not generating any kind of income or value. So was such a huge construction business just for show? This is a great question.
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