MUMBAI: Observing that Pune-based builder Avinash Bhosale has made out a powerful prima facie case in his favour concerning the alleged proceeds of crime and two different transactions, Bombay excessive court docket on Wednesday granted him bail in a cash laundering case.
Bhosale, arrested on June 28, 2022, was launched from St George Hospital the place he was admitted in pursuant to court docket instructions whereas in judicial custody, stated his solicitor Dhawal Mehta.HC granted him bail on a private bond of Rs 1 lakh.
Enforcement Directorate (ED), which had filed the case beneath the Prevention of Cash Laundering Act (PMLA), stated the contaminated cash was allegedly traced from the disbursal of Rs 3,983 crore within the type of loans and investments by Sure Financial institution Ltd to DHFL.
It’s alleged that Rs 600 crore was paid as kickbacks by DHFL to the promoters of Sure Financial institution, together with co-accused Rana Kapoor and his companies. DHFL, in flip, is alleged to have transferred quantities to co-accused Sanjay Chhabria and his firms.
It’s alleged that Chhabria, by means of his companies, transferred such quantities, which had been a part of the proceeds of crime, to Bhosale’s and his companies’ accounts.
Senior counsel Aabad Ponda for Bhosale argued that it was a cash transaction or mortgage the place the speed of curiosity charged was 18% pa, which can’t be known as exorbitant within the cash market, and the cash was returned. Discovering substance in his submission, HC additionally famous that investor retu-rns for the realty sector in 2019 had been 27%, Bhosale had stated.
The HC order of Justice Manish Pitale stated pursuant to the investments made in 2014-15 primarily based on mutually agreed covenants, the cash was being returned. This means {that a} robust prima facie case made out in Bhosale’s favour that it may by no means have been contemplated in 2014 and 2015 that proceeds of crime can be generated sooner or later and utilised for returning the investments, as alleged.
One in all three allegations by ED towards Bhosale was over the sale of ABIL Dairy LLP by him to Chhabria. ED stated the MoU was dated Jan 15, 2016, whereas the stamp paper on which it was executed was purchased in March 2016. ED counsel H S Venegaonkar argued the discrepancy “exhibits that MoU is a sham doc”.
The HC order stated the matter of it being a “typographical error” as argued could also be a matter for trial, however it’s an admitted place that Chhabria made the primary tranche of cost of Rs 25 crore in 2016, previous to proceeds of crime being generated and discovering their option to the applicant. One other Rs 25 crore was paid on Feb 28, 2019, after the alleged technology of proceeds of crime.
