Bombay HC Grants Bail to Avinash Bhosale

The Bombay High Court has granted bail to Pune-based builder Avinash Bhosale in a money laundering case linked to the Yes Bank-DHFL loan fraud, citing reasonable grounds to believe he is not guilty of the offenses charged. Bhosale was initially arrested by the CBI in June 2022 and later by the Enforcement Directorate (ED) for alleged kickbacks from Yes Bank founder Rana Kapoor. The court acknowledged that the transactions in question occurred before the proceeds of crime were generated. In contrast, the High Court canceled the bail of another builder, Noor Mohammed Ahmed Deraiya, for failing to return money to flat purchasers as promised. Deraiya was accused of selling flats he did not own and issuing dishonored cheques to aggrieved buyers. These contrasting decisions reflect the court's emphasis on adherence to legal obligations and timelines.