ED claims; at least 10 bank accounts held by a Pune businessman in Dubai

Avinash Bhosale, a Pune-based businessman has been ordered by the Bombay High Court to submit details of all of his accounts in India and abroad, within a time span of a week. This comes after the court was informed about the extent of his undisclosed and unauthorized banking transactions in India and abroad by the Enforcement Directorate (ED).

Last month, a team of sleuths was sent by the ED to investigate the case of Bhosale.  According to the officials, “The team was carrying letters of authorization for disclosure of transactions of a number of bank accounts in Dubai, but returned with confirmed information about several more accounts, about which Bhosale had given no information.” Following thus, the ED submitted a confidential report in the Bombay High Court.

Prior to all this, the Financial Intelligence Unit (FIU) was approached by the agency in order to find out the heavy financial transactions of Bhosale discovered in several Suspicious Transaction Reports (STRs) compiled by it. Bhosale has nearly ten bank accounts in the ABN AMRO Bank and Habib-Zurich Bank, out of which, some are being explained as “subsidiary” accounts.

Back in May 2007, Bhonsale was arrested for the same reason, but had defended himself by saying that he had closed all his bank accounts in Dubai. This latest discovery however proves that the statement issued by him was false.

A FENMA case against Bhosale was filed by ED soon after his arrest, under which he was questioned about the source of funds, by which he purchased shares worth  Rs 500 crore, the payments for which were made from accounts in HDFC Bank in New Delhi.

The officials informed, “But this could be the tip of the iceberg since a FEMA violation of Rs 5 crore has already been calculated for the cash deposits in one of his ABN AMRO accounts in Dubai..” 

The ED might now turn to Bahrain in order to solve the case behind Bhosale’s credit card transactions, because the agency has found that his Standard Chartered credit card accounts were located there.

Bhonsale has appealed for the return of his passport, which was impounded during the investigations.