Tejas Navale

Pune: A Pune-based, famous entrepreneur, Avinash Bhosale, has finally been granted bail. Yesterday, on May 17, the Bombay High Court approved his bail on a surety bond of one lakh rupees. Notably, though he has been granted bail in one CBI case, he is yet to get bail in another case registered against him by the Directorate of Enforcement (ED).

Avinash Bhosale has been in police custody for the last two years. He was first arrested by the CBI on May 26, 2022, in the Yes Bank and DHFL scam cases. He was booked for misappropriately giving loans to people. After that, he was also being invested by ED on charges of money laundering.

In the last year, Avinash Bhosale has applied for bail in the Bombay High Court. However, at that time, the High Court rejected his plea and refused to grant him bail. Now, after one year, he has been granted bail on a surety bond in one CBI case. But, still, Bhosale has to wait for some more time until he gets bail in another case filed by the ED.

What was the case actually?

Between April and June 2018, investigations by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) revealed significant financial irregularities in the Yes Bank and DHFL scams. Thousands of crores of rupees were transferred between accounts, implicating several high-profile individuals and companies.

The CBI identified that Wadhawan received a loan from Yes Bank, and the scam involved major entrepreneurs, including builder Avinash Bhosle, filmmaker Sanjay Chhabria, and businessmen Balwa and Goenka. After that, the ED seized property worth 40 crore rupees belonging to Avinash Bhosle as part of their investigation.