Real Estate Tycoon Avinash Bhosale Sells London Hotel for Rs. 1,432 Crore While in Judicial Custody
New Delhi: Real estate tycoon Avinash Bhosale, a key accused in the Yes Bank-DHFL loan fraud case, allegedly sold a premium hotel in London for Rs. 1,432 crore while in judicial custody. The deal was executed just two months after his arrest by the CBI in May 2022.
Real EstateFraudCbiYes BankDhflReal EstateJun 24, 2025
Real estate tycoon Avinash Bhosale, who is one of the main accused in the multi-crore Yes Bank-DHFL fraud case, allegedly sold a hotel in London for Rs. 1,432 crore. The property was bought with money from proceeds of crime (PoC) while he was in judicial custody.
The deal was executed in August 2022, just two months after Bhosale’s arrest by the CBI. The hotel, a premium property and commercial asset located at 5 Strand, Trafalgar Square in Central London, was originally acquired in 2018 for around Rs 1,000 crore by Flora Development Ltd, a UK-based subsidiary firm of Avinash Bhosale Infrastructure Pvt. Ltd.
The property was sold for £150 million (approximately Rs 1,432.5 crore, inclusive of VAT) to London Hotel Holding Ltd. The London asset was initially acquired in 2018 through Flora Development Ltd, a UK-based firm controlled by Bhosale. It was positioned as a future 200-room world-class luxury hotel.
According to a CBI chargesheet filed in 2021, central agencies have alleged that the funds used for the purchase were part of the PoC in the Yes Bank–DHFL loan fraud case. The sale is estimated to have generated a profit of Rs. 432.5 crore over and above the property's value, raising suspicions in ED and CBI circles that the proceeds of crime were laundered under the guise of a legitimate asset sale.
ABIL has not responded to an email sent by the Free Press Journal. So far, the ED has provisionally attached assets worth over Rs 164 crore linked to Bhosale and the ABIL Group in connection with the DHFL–Yes Bank scam.
Frequently Asked Questions
Who is Avinash Bhosale?
Avinash Bhosale is a real estate tycoon and one of the main accused in the Yes Bank-DHFL loan fraud case.
What is the Yes Bank-DHFL fraud case?
The Yes Bank-DHFL fraud case involves allegations of loan fraud and money laundering against several individuals and companies, including Avinash Bhosale and the ABIL Group.
When was Avinash Bhosale arrested?
Avinash Bhosale was arrested by the CBI on May 26, 2022, in connection with the Yes Bank-DHFL loan fraud case.
What property did Avinash Bhosale sell?
Avinash Bhosale sold a premium hotel and commercial asset located at 5 Strand, Trafalgar Square in Central London.
How much did Avinash Bhosale sell the London hotel for?
The London hotel was sold for £150 million (approximately Rs 1,432.5 crore, inclusive of VAT).
Related News Articles
Unveiling Luxury: MRG Group Introduces Navi Mumbai Marriott Hotel
Experience luxury like never before with the newly launched Navi Mumbai Marriott Hotel by MRG Group
Maharashtra's Infrastructure Boost: CM Eknath Shinde Launches World Bank-Aided Projects
Chief Minister Eknath Shinde has inaugurated new World Bank-supported projects aimed at boosting infrastructure in Maharashtra.
Southern India's Real Estate Sector Set to Soar with SOUTHCON 2024
The Confederation of Real Estate Developers' Associations of India (CREDAI) hosts SOUTHCON 2024 in Vijayawada, promoting collaboration, innovation, and sustainable development in southern India's real estate sector.
Brookfield Expands Indian Real Estate Portfolio with Minority Stake in Local Developer
Brookfield Asset Management acquires minority stake in Indian developer, strengthening its presence in the country's real estate market.
Maharashtra Assembly Elections 2024: NCP's Sharad Pawar Announces First List of Candidates
The Sharad Pawar-led faction of the Nationalist Congress Party (NCP) has announced its first list of 45 candidates for the upcoming Maharashtra Assembly elections. This list includes notable names like Yugendra Pawar, who will challenge his uncle, Deputy
Waltair DRM Arrested in Mumbai on Corruption Charges: CBI Takes Action
The CBI has arrested the DRM of Waltair Division in Mumbai on corruption charges, highlighting the ongoing efforts to tackle unethical practices in the railways sector. The action is part of a broader initiative to ensure transparency and accountability.