ED seizes assets worth Rs 40 crore of Pune businessman Avinash Bhosale

The ED initiated the investigation in September 2017 based on information that Avinash Bhosle and his family members had acquired immovable property in Dubai in violation of FEMA.

The Enforcement Directorate (ED) on Monday seized assets worth Rs 40.34 crore belonging to Pune-based businessman and hotelier Avinash Bhosale in connection with a Foreign Exchange Management Act (FEMA) case. The attached assets include equity and preference shares in Classic City Investment Pvt Limited, Pune, which owns three five-star luxury hotels --the Westin in Pune, Le Meridien in Nagpur, and W Retreat & Spa in Pune (Goa). The attached assets also include the businessman's and his family members' equity shares in ABIL (Avinash Bhosale Infrastructure Private Limited) and a bank balance of around Rs 1.15 crore.