March 20, 2023

Besides Le Meridien, Avinash Bhosale’s agency owns Hotel Westin, Pune & Hotel W Retreat & Spa, Goa.

New Delhi:

The Enforcement Directorate (ED) has seized property value Rs 40.34 crore belonging to actual property businessman Avinash Bhosle and his members of the family in reference to a case in opposition to him beneath the Foreign Exchange Management Act (FEMA).

The hooked up property are within the type of fairness and choice shares in Pune-based Classic City Investment Private Limited, which owns three five-star accommodations — Hotel Westin, Pune; Hotel Le, Meridian, Nagpur and Hotel W Retreat & Spa, Goa.

The property have been seized as equal worth of international securities held by Mr Bhosale and his members of the family in alleged contravention of FEMA, an ED assertion mentioned.

The investigation company has additionally seized fairness shares held in Avinash Bhosale Infrastructure Private Limited (ABIL) and a sum of round Rs. 1.15 crore in financial institution accounts held within the identify of Mr Bhosle and members of his household.

The ED assertion mentioned they began the investigation in opposition to Mr Bhosale and his members of the family in September 2017 after receiving data that they’d acquired an immovable property in Dubai in contravention of FEMA.

According to the company, their investigation revealed that Mr Bhosle and his members of the family acquired international securities of an organization Rochdale Associates Limited, Dubai, which held immovable property value AED 20,000,000 — equal to Rs 40,34,00,000.

To purchase the international securities, the businessman and his members of the family remitted the funds by means of the Liberalised Remittance Scheme of their financial institution accounts held outdoors India, the company mentioned.

“Funds were remitted in different categories i.e. to purchase equity shares in the Company Rochdale Associates Limited, Dubai, family maintenances, savings received from NRI for family maintenance etc. However, remitted funds were utilised to purchase the said immovable property and shares of the company were allotted against the remitted funds,” the ED assertion mentioned.

“It was declared that company is engaged in Real Estate Business activity, however, investigation revealed that company does not have any business activity and generating no income whatsoever,” it added.

The ED has mentioned that additional investigation is in progress.

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