Enforcement Directorate (ED) on Monday said that it has seized assets worth Rs 40.34 crore of Avinash Bhosle and his family members, in the form of various assets under Foreign Exchange Management Act 1999 (FEMA) for having foreign securities and properties in contravention of the FEMA laws.
This Act provides seizure of equivalent value, situated in India, of foreign security/immovable properties held outside India.
The officials in probe agency said that the attached assets are in the form of “Equity Shares” and “Preference Shares” held in Classic City Investment Pvt Limited, Pune, which owns three luxurious hotels in five star category, the Hotel Westin at Pune, Hotel Le, Meridian at Nagpur and Hotel W Retreat & Spa at Goa.
“Equity shares held in ABIL (Avinash Bhosle Infrastructure Private Limited) and Bank balance of around Rs. 1.15 Crore lying in various bank Accounts held in the name of Avinash Bhosle and his family members have been seized”, the ED said in a statement today.
The central financial probe agency has initiated the FEMA investigation in September 2017 against Avinash Bhosle and his family members on the basis of the information received that Avinash Bhosle and his family members have acquired the immovable property in Dubai in contravention of FEMA 1999.
Probe agency revealed that, Avinash Bhosle and his family members, acquired foreign securities of a company Rochdale Associates Limited, Dubai, which held immovable property worth of United Arab Emirates Dirham 20,000,000 which was equivalent to Rs 40,34,00,000/ and to acquire the property, Avinash Bhosle and his family members remitted the funds through ‘Liberalised Remittance Scheme’ in their Bank accounts held outside India.
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, they further said, adding that further investigation in this case is under progress
