Real Estate

Real Estate Transactions

ABIL case: ED attaches assets of ARA Properties worth Rs.4-Cr in Pune

Economic Times  

The Enforcement Directorate (ED) has provisionally attached immovable assets worth INR 4 crore of ARA Properties based in Pune in connection with its ongoing probe against builder Avinash Bhosale, the promoter of Avinash Bhosale Infrastructure Ltd (ABIL). Bhosale is accused of purchasing a plot in Pune after manipulating the rules and constructing a commercial structure for himself while the plot was meant for the construction of a residential building for bureaucrats. The market price of the attached assets of ARA Properties is estimated at INR 100 crore. The attached property is the land, where the corporate office of ABIL and its other group companies are situated. ED initiated a money-laundering investigation in the case on December 30, 2020, on the basis of an FIR registered by Pune police in 2016.