The Bombay High Court has granted relief to Pune-based developer Avinash Bhosale in the Yes Bank-DHFL Case by setting aside the continued attachment of two land parcels in Maharashtra. The properties, located in Pune and Nagpur, were linked to the Enforcement Directorate’s money laundering investigation. The court found that the agency had not established a sufficient connection between the transactions examined and alleged proceeds of crime. The ruling followed appeals against an April 2026 tribunal order that had retained the attachment of the properties.
Yes Bank-DHFL Case Gets Relief for Avinash Bhosale as Bombay High Court Quashes ₹30 Crore Property Attachments
Bombay High Court quashes ED attachment of two land parcels in Pune, Nagpur worth Rs 30.17 crore in money laundering case.
The Pune-based developer Avinash Bhosale got relief after the Bombay High Court set aside the attachment of two properties in Maharashtra by the Enforcement Directorate in the Yes Bank-DHFL case. The decision is in respect of land parcels worth ₹14.65 crore and ₹15.52 crore attached in 2022 during the agency’s probe.
The ED attached the properties in connection with alleged proceeds of crime involving Bhosale and entities linked to his ABIL Group. The agency’s logic of linking ordinary financial transactions with alleged money laundering is not understood, the High Court said, adding there was no reason to continue their attachment.
Yes Bank-DHFL Case and the Two Land Parcels
The assets include a plot in Pune measuring 6,143 sq meters, registered in the name of Samit Realty and valued at Rs 14.65 crore, and a plot in Nagpur measuring 20,200 sq feet, registered in the name of Bhosale’s wife, Gauri Bhosale, valued at Rs 15.52 crore.
Bhosale challenged an order passed by the Appellate Tribunal under the Prevention of Money Laundering Act (PMLA) on 1 April. While the tribunal had partly overturned the ED’s provisional attachments, these two properties were not released.
Senior counsel Aabad Ponda, for Bhosale, submitted that their continued attachment is impermissible before the High Court. The bench then opined that the attachment of the properties cannot be sustained on the basis of the reasoning given by the investigating agency.
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Bombay High Court Questions ED’s Money Laundering Claims
Questioning the proceedings of the High Court, how could routine banking transactions between a bank and a corporate entity be proceeds of crime? The bench said the ED’s special counsel was not in a position to satisfactorily explain the alleged link.
The court also said that consultancy payments made by Dewan Housing Finance Corporation Limited (DHFL) to Bhosale before loan disbursement on April 12, 2018, could not be linked to proceeds of crime on the basis presented.
As for ABIL, the bench noted that the transactions were between independent corporate entities and distinct from each other. It found no established connection between the transactions, and it held that the agency’s inference was completely unfounded.
The two properties are attached on the basis of the evidence suggested in these findings. The ruling does not settle everything in the broader Yes Bank-DHFL investigation or other cases involving the developer.
Background to the ₹164.64 Crore Allegations
In August 2022, the ED had attached several assets associated with Bhosale and the ABIL Group, including a duplex flat in Mumbai worth ₹102.8 crore. Other properties include land parcels in Pune worth ₹14.65 crore and ₹29.24 crore, and land parcels in Nagpur worth ₹15.52 crore and ₹1.45 crore.
The ED had alleged that Bhosale and associated entities like Nibodh Realty LLP and ABIL Dairy had received alleged proceeds of crime of ₹164.64 crore in the case.
The High Court ruling is a major development in the property attachment proceedings and raises questions about the agency’s justification for linking the transactions with alleged criminal proceeds. How far the decision will reach will depend on the result of further court action and any steps the authorities take.
Sprouts News will keep a close eye on the developments in the Yes Bank-DHFL case as the legal process progresses.
