The Enforcement Directorate (ED) on Monday mentioned it has connected belongings price over Rs 40 crore of Pune-based businessman and hotelier Avinash Bhosale and his relations as a part of an ongoing probe below the Foreign Exchange Management Act, 1999 (FEMA). is.
As a part of the probe, the company had searched varied premises of Bhosale (60) in February this yr and likewise questioned him in November final yr. A press release issued by the ED mentioned, “These properties have been attached as having par value of foreign securities, assets held by Avinash Bhosle and his family members in contravention of FEMA, which are located in India of foreign security. Provides for forfeiture of equivalent value. And immovable properties are held outside India. The attached assets are in the form of equity shares and preference shares held in Classic City Investment Pvt Ltd, Pune, which has three five-star category The luxurious hotels are – Hotel Westin in Pune, Hotel Le Meridien in Nagpur and Hotel W Retreat & Spa in Goa.”
“In addition, the equity shares held in ABIL (Avinash Bhosle Infrastructure Pvt Ltd) and bank balances of about Rs 1.15 crore lying in various bank accounts held in the name of Avinash Bhosle and his family members were forfeited,” the company mentioned. Has gone.” It had launched an investigation below FEMA in September 2017 towards Bhosale and his relations. Based on the data obtained that he and his relations had acquired immovable property in Dubai in violation of FEMA.
“The investigation revealed that Bhosale and his family members had acquired foreign securities of a company Rochdale Associates Ltd., Dubai, which had immovable assets of 20,000,000 United Arab Emirates Dirhams (AED),” the assertion mentioned. which was equal to INR 40,34,00,000. To purchase the property, Bhosle and his relations remitted cash to their financial institution accounts outdoors India by means of liberalized remittance scheme. Funds have been remitted in several classes – i.e. shopping for fairness shares within the firm Rochdale Associates Ltd., Dubai, upkeep of the household, financial savings obtained from NRIs for the upkeep of the household and so on. However, the cash remitted was used for buy of mentioned immovable property and shares to the corporate. It was declared that the corporate is engaged in actual property enterprise exercise, nonetheless, investigation revealed that the corporate has no enterprise exercise and was not producing any revenue. The investigation is on.”
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With inputs from TheIndianEXPRESS
