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On Monday the Enforcement Directorate seized assets worth Rs.40.34 crore which belongs to Pune-based businessman and hotelier Avinash Bhosale in connection with a FEMA violation case.
The assets which include are the equity and the preference shares which were in Classic City Investment Pvt Limited, Pune, it owns three five-star luxury hotels viz the Westin in Pune, Le Meridien in Nagpur, and W Retreat & Spa in Pune.
The attached assets also included the businessman’s and his family members’ equity shares in his own private company named as ABIL and it has a bank balance of around Rs.1.15 crore.
The ED started its investigation since September 2017 based on information of FEMA that, Avinash Bhosle and his family members had acquired immovable property in Dubai which comes under the violation of FEMA case.
ED report also mentioned that, “To acquire the property, Avinash Bhosle and his family members remitted funds to their bank accounts held outside India through the Liberalized Remittance Scheme. Funds were remitted in various categories, such as to purchase equity shares in the Company Rochdale Associates Limited, Dubai, family maintenance, savings received from NRI for family maintenance.”
Further the statement added as such that, “It was declared that the company is engaged in real estate business activity and however, investigations revealed that the company has no business activity and generates no income whatsoever.