Pune: Know How Avinash Bhosale Became Businessman From Being An Auto Rickshaw Driver
Pune, 28th May 2022: Avinash Bhosale, an auto-rickshaw driver turned small-time builder turned businessman has been arrested by the CBI in the DHFL-Yes Bank fraud case. This is the second time he has been arrested for the same reason.
Bhosale was detained in 2007 by the Directorate of Revenue Intelligence (DRI) for “non-declaration of foreign currency and smuggling of luxury commodities.” Bhosale, his wife, and three other relatives were caught at Mumbai airport’s green channel for wearing four diamond-encrusted watches from abroad. Bhosale failed to disclose luxury goods worth thousands of rupees, as well as certain foreign cash and travellers’ cheques, according to the customs authorities.
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On the same day, however, the judge granted him bail. On charges of violating the Foreign Exchange Management Act (FEMA) 1999, the Enforcement Directorate (ED) seized assets worth Rs40.34 crore from businessman Bhosale and his family members in June 2021.
Bhosale’s career has been a tumultuous one, ranging from auto-rickshaw driver to small-time builder to showy billionaire. He has a well-oiled network of lawmakers from both parties and owns some of the most valuable real estate and automobiles.
His spectacular climb from humble origins to among the country’s wealthiest has been credited with securing contracts for the construction of dams, reservoirs, and irrigation projects throughout the 1990s. His ties to bureaucrats and politicians are legendary, and he is rumoured to enjoy the finer things in life.
In an adverse confidential report submitted to the government in 1998, the Maharashtra anti-corruption bureau (ACB) stated that Andhra Pradesh-based contractors P Venku Reddy and Avinash Bhosale may have together syphoned off huge sums of money to foreign countries through hawala and other modes of transaction.
According to the article, the imprisoned businessman reportedly altered tender notices and overstated anticipated project costs to gain profit when bidding for large contracts in Maharashtra’s Krishna valley.
Bhosale is known for being exceptionally well-connected and having solid relationships with all of the political parties’ top leaders. During the weddings of his daughter Swapnali and son Amit, he was spotted displaying his political connections. He has an opulent villa in Baner that is frequented by the country’s elite, including Bollywood stars.
Bhosale, who is known for doing things in style, is alleged to have taken a private chopper flight from his bungalow to the Sinhagad Institute Ground to play cricket with his buddies. He also has a Bell 206 L4 helicopter and a series of high-end automobiles, including a Phantom and a Rolls Royce. He used to throw costly parties for his close friends and was a frequent holidayer in the past.
