DHFL loan fraud case: CBI seizes AgustaWestland chopper from Pune businessman Avinash Bhosale's premises

The Central Bureau of Investigation (CBI) on Saturday seized an AgustaWestland made helicopter parked at a hangar in the premises of a Pune-based builder Avinash Bhosale in a latest development in connection with the DHFL loan fraud case of Rs 34,615 crore. 

"It came to light that RKW Developers Pvt. Ltd (a company owned by Wadhawan family) allegedly has stakes in Varva Aviation (an Association of Persons) which owns an AW109SP new helicopter (AgustaWestland Helicopter) which was allegedly purchased in 2011. RKW Developers Pvt. Ltd joined the Association of Persons in 2017 contributing towards cost price and maintenance of said helicopter. ABIL Infraprojects Ltd, a company owned by Avinash Bhosale allegedly has a stake in the said Helicopter," a CBI official was quoted.

As it was allegedly apprehended that the funds used for making payment towards the stake in Association of Persons, were sourced from loan funds sanctioned by different banks, therefore, we have seized the helicopter which was parked in a hanger at the premises of Bhosale at Baner Road, Pune," said the official.

Earlier, the probe agency had seized two paintings made by F.N. Souza (1964) and another by S.H. Raza (1956) worth Rs 5.50 crore; two watches of Jacob & Co & Frank Muller Geneve make worth Rs 5 crore and jewellery worth Rs 2 crore.

The CBI had said that the promoters had acquired expensive items using the diverted funds. DHFL directors Kapil and Dheeraj Wadhwan were arrested by the agency. They were brought to Delhi from Lucknow. On Wednesday, they were produced before Delhi`s Rouse Avenue Court which sent them to three days CBI`s custody.

"Wadhawan and others induced the consortium banks to sanction huge loans aggregating to Rs 42,871.42 crore and siphoned off and misappropriated a significant portion of the said funds by falsifying the books of the DHFL and dishonestly defaulted on repayment of the legitimate dues of the said consortium banks. That caused a wrongful loss of Rs 34,615 crore to the consortium lenders," said the CBI.

The CBI after conducting an inquiry lodged the case under sections 120-B read with 409, 420, 477-A of IPC and Section 13(2) read with sections 13(1)(d) of Prevention of Corruption Act.

The FIR was lodged against DHFL, its former CMD Wadhwan, MD Dheeraj Rajeshkumrar Wadhwan, present Director Sudhkar Shetty, Amaryllis Realtors LLP (ARLLP), Gulmarg Realtors LLP (GRLLP), Skylark Buildcon Pvt. Ltd, Darshan Developers Pvt. Ltd, Sigtia Constructions Pvt. Ltd, Creator Builders Pvt. Ltd, Township Developers Pvt. Ltd, Shishir Reality Pvt. Ltd, Sunblink Real Estate PM. Ltd and other unknown persons including public servants.

The official said that it was found that the promoters had allegedly diverted the funds and made investments in various entities. It was also alleged that the promoters had acquired expensive paintings and sculptures worth about Rs 55 crore using the diverted funds. Earlier, searches were conducted on June 22 at 12 locations in Mumbai at the premises of the accused which led to recovery of incriminating documents.

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