Mumbai: ED seizes assets of Pune builder Avinash Bhosale

MUMBAI: Enforcement Directorate (ED) seized assets worth Rs 40 crore of Pune-based influential builder Avinash Bhosale and his family members for violating Foreign Exchange Management Act (FEMA).
Bhosale allegedly invested abroad after violating FEMA rules which invited the ED action. The worth of the seized assets are equivalent to properties purchased by Bhosale family in Dubai after violating the rules.
The seized assets are in the form of equity shares and preference shares held in Classic City Investment Pvt Limited, which owns three luxurious hotels in five star category. These hotels are Hotel Westin, Pune, Hotel Le, Meridian, Nagpur, Hotel W Retreat & Spa, Goa.
Among the seized assets also includes the family shares in Avinash Bhosale Infrastructure Ltd ( ABIL) and bank balance around Rs 1.15 crore of Bhosale family.
ED investigation found that Bhosale family acquired foreign securities of Rochdale Associates Limited in Dubai, which held immovable property worth of AED 20,000,000 (Rs 40 crore).
Bhosle family misused the Liberalised Remittance Scheme of Government of India to remit the money abroad. They used the money to acquire the equity share in Rochdale Associates.
Avinash Bhosale took money abroad through his family members account, including his daughter Swapnali Kadam's accounts. She is wife of Congress minister Vishwajeet Kadam.
Earlier the ED had questioned Swapnali, Avinash Bhosale, his wife, their son Amit and daughter-in-law Shweta in the case.
It was alleged that they sent money abroad under the Liberalised Remittance Scheme (LRS) from their individual accounts. Under the scheme an Indian resident is permitted to transfer amounts within specified limits to foreign countries. This money could be for purposes mentioned while seeking permission for remittance. Sources said the money was meant to be used for education purposes but was diverted into real estate.