Owner of three 5-star hotels in ED net, Rs 40 cr assets seized
New Delhi: Acting under the FEMA Act, the ED has frozen assets worth about 40.3 crore of Avinash Bhosle, a builder in Pune.
The assets seized by ED are equity and preference shares belonging to Classic City Investment Pvt Ltd, a Pune-based firm. The company owns three five-star hotel properties - W Retreat & Spa in Goa, Westin in Pune and Le Meridian in Nagpur.
The value of the shares seized by the ED is equivalent to the value of foreign securities held by Bhosale and some his family members, ED said in a statement.
The ED has also seized some equity shares that are held in Avinash Bhosale Infrastructure Pvt Ltd.
The probe agency initiated an investigation against Bhosale, together with his family members, in September 2017 when it received inputs that the Bhosale family had acquired a property in UAE’s Dubai which was in contravention of the provisions of the FEMA.
The investigation by ED further found out that Bhosle had acquired foreign securities of a Dubai-based firm - Rochdale Associates Ltd in Dubai that held immovable property worth about Rs 40,34,00,000.