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ED summons Pune-based businessman Avinash Bhosle and his son Amit connection with money laundering case.

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Deccan Express | Enforcement Directorate (ED) summoned Pune-based businessman Avinash Bhosle and his son Amit Bhosle in connection with money laundering case.

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As a part of a probe into a money-laundering case, ED has summoned Bosale and his son for questioning today and tomorrow respectively. Earlier also ED had summoned Avinash Bhosale however he failed to turn up.

Recently ED has registered the money-laundering case under Prevention of Money Laundering Act (PMLA). The action was fall out of a cheating case that was filed by Pune Police against Bhosale, his son, and others a few years ago.

According to reports, His company Bhosale Infrastructure Pvt Ltd (ABIL) allegedly manipulating rules and constructed a commercial structure on a plot meant for the construction of a residential building.

Recently, ED who is also investigating another case of Foreign Exchange Management Act (FEMA) violations against the family seized Bhosale’s assets worth Rs 40 crore.

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 the five-star category i.e. Hotel Westin, Pune; Hotel Le, Meridian, Nagpur; Hotel W Retreat and Spa, Goa.

Along with these properties, 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.

Sharing about the previous seizure of assets, ED had mentioned that its investigation revealed that, Avinash Bhosle and his family members, acquired foreign securities of a company Rochdale Associates Limited, Dubai, which held immovable property worth of AED 20,000,000 (Eqiv INR 40,34,00,000). To acquire the property, Avinash Bhosle and his family members remitted the funds through Liberalised Remittance Scheme in their Bank accounts held outside India. 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.

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