Tribunal gives major relief to builder Bhosale in PMLA case

Final order finds that action by ED was largely unsustainable

- FE BUREAU

IN A SIGNIFICANT ruling under the Prevention of Money Laundering Act (PMLA), the Appellate Tribunal has granted substantial relief to real estate developer Avinash Bhosale, setting aside most of the Enforcement Directorate’s (ED) provisional attachment orders and holding large parts of the agency’s case to be unsustainable.

The case arose from a wider probe into alleged financial irregularities involving Yes Bank and DHFL, centred on Yes Bank’s ₹3,700-crore investment in DHFL debentures in 2018 and suspected kickbacks and diversion of funds. The ED had alleged that about ₹164.67 crore routed through various entities and eventually linked to Bhosale constituted “proceeds of crime”, leading to the attachment of multiple properties.