Bombay HC Relaxes Bail Conditions for Builder Avinash Bhosale in DHFL Case
The Bombay High Court in Mumbai has relaxed two bail conditions imposed on Pune-based builder Avinash Bhosale in connection with the Dewan Housing Finance Ltd (DHFL) and Yes Bank corruption case. The court termed the prior requirement of surrendering his passport before every international business trip as "onerous".
On August 27, a single-judge bench of Justice Milind Jadhav granted Bhosale's application seeking modifications to conditions earlier laid down by the trial court in May 2024. Bhosale, who is the chairman and founder of ABIL Group, had approached the High Court stating that he needed to travel abroad periodically for business and related purposes.
Under the modified terms, the High Court struck down the condition mandating the surrender of his passport and directed that it be returned to him immediately upon receipt of a certified copy of the order. Instead of surrendering the document, Bhosale must inform the Central Bureau of Investigation (CBI) of his travel plans prior to departing India, providing details of his overseas address, stay itinerary, and return journey.
The court also required Bhosale to submit details of any planned international travel to the CBI six months in advance. Should his overseas address or contact number change while outside the country, he must email the updated information directly to the investigating officer.
Additionally, the High Court eased the condition requiring Bhosale to attend every trial court hearing in person. The court permitted his advocate to appear on his behalf, provided Bhosale submits an undertaking within one week assuring his legal counsel's presence at every hearing date. However, the trial court retains the authority to direct his personal presence whenever necessary.
Bhosale was arrested by the CBI on May 26, 2022, and was later granted bail on May 17, 2024, by Justice NJ Jamadar on a personal bond of ₹1 lakh. The CBI has alleged that Bhosale received ₹350 crore in kickbacks from the Radius Group for facilitating loans from DHFL through consultancy fees, alongside kickbacks from Yes Bank co-founder Rana Kapoor. Bhosale has denied the charges, maintaining that the transactions were legitimate business dealings.
