ED Attaches ₹415 Crore Assets in Yes Bank-DHFL Scam, Deepens Probe Into India’s Biggest Banking Fraud
In a major crackdown on one of India’s biggest financial scandals, the Enforcement Directorate (ED) has attached assets worth ₹415 crore belonging to Maharashtra-based builders Avinash Bhosale and Sanjay Chhabria. The action is linked to the high-profile Yes Bank–Dewan Housing Finance Corporation Limited (DHFL) fraud case, which has been under investigation for alleged money laundering, corruption, and large-scale diversion of funds.
The ED stated that the attachment was carried out under the Prevention of Money Laundering Act (PMLA), with assets worth ₹164 crore belonging to Bhosale and ₹251 crore tied to Chhabria. Officials say the move is part of a broader effort to trace and recover proceeds of crime generated through the fraudulent loan network.
According to the agency, Sanjay Chhabria’s attached properties include a prime land parcel in Mumbai’s Santacruz worth over ₹116 crore, 25% equity shares in a Bengaluru land deal valued at ₹115 crore, a luxury flat in Mumbai, profit receivables from a hotel near New Delhi airport, and three luxury vehicles. On the other hand, Avinash Bhosale’s seized assets include a duplex flat in Mumbai worth ₹102.8 crore and several land parcels spread across Pune and Nagpur.
The case revolves around allegations that former Yes Bank co-founder Rana Kapoor entered into a criminal conspiracy with DHFL promoters Kapil Wadhawan and Dheeraj Wadhawan. Investigators claim Kapoor facilitated investments worth ₹3,700 crore in DHFL’s short-term debentures and another ₹283 crore in masala bonds, allegedly in exchange for kickbacks worth ₹600 crore routed through a company linked to his family.
The ED further alleges that shortly after Yes Bank’s investments into DHFL, the housing finance company sanctioned loans worth ₹2,317 crore to Chhabria’s Radius Group for the development of the ‘Avenue 54’ project in Santacruz, Mumbai. However, instead of being used for the project, the funds were allegedly diverted elsewhere.
Investigators claim Chhabria then transferred part of these funds to Avinash Bhosale through companies beneficially owned by him. Bhosale is also accused of receiving ₹71.82 crore from DHFL under the pretext of providing services that were never actually delivered. The agency believes these transactions were part of a larger web of money laundering designed to conceal the origins of illicit funds.
Both builders were arrested by the ED in June and remain in judicial custody. Earlier, Rana Kapoor and the Wadhawan brothers were also arrested in connection with the same case and continue to face multiple charges filed by both the ED and the Central Bureau of Investigation (CBI).
With this latest attachment, the total value of assets seized in the Yes Bank-DHFL case has now reached ₹1,827 crore, making it one of the largest recovery actions in India’s banking fraud history.
News source: Information for this article was gathered from a variety of reliable news outlets.
