Enforcement Directorate (ED) seizes Rs 40 cr assets of Pune bizman

The Enforcement Directorate (ED) has seized assets worth Rs 40.34 crore belonging to businessman Avinash Bhosle and his family members under the Foreign Exchange Management Act (FEMA) 1999, the agency said on Monday.

These properties have been seized as equivalent value of foreign securities or properties held by Bhosle and his family members in contravention of FEMA which provides for seizure of equivalent value, situated in India, of foreign security or immovable properties held outside India.

The attached assets are in the form of equity shares and preference shares held in Classic City Investment Pvt Limited, Pune, which owns three luxurious hotels in five-star category: Hotel Westin, Pune; Hotel Le Meridian, Nagpur; Hotel W Retreat and Spa, Goa.

Further, equity shares held in ABIL (Avinash Bhosle Infrastructure Private Limited) and bank balance of around Rs 1.15 crore lying in various bank accounts held in the name of Bhosle and his family members have been seized. (IANS)

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