Assets Of Nagpur Le Meridien Owner, Relatives Worth Rs 40 Crore Seized

Attached assets of Avinash Bhosale and relatives are in the form of shares in Classic City Investment Private Limited, which owns 3 five-star hotels

The Enforcement Directorate (ED) has seized assets worth Rs 40.34 crore belonging to real estate businessman Avinash Bhosle and his family members in connection with a case against him under the Foreign Exchange Management Act (FEMA). The attached assets are in the form of equity and preference shares in Pune-based Classic City Investment Private Limited, which owns three five-star hotels -- Hotel Westin, Pune; Hotel Le, Meridian, Nagpur and Hotel W Retreat & Spa, Goa. The assets have been seized as equivalent value of foreign securities held by Mr Bhosale and his family members in alleged contravention of FEMA, an ED statement said. The investigation agency has also seized equity shares held in Avinash Bhosale Infrastructure Private Limited (ABIL) and a sum of around Rs. 1.15 crore in bank accounts held in the name of Mr Bhosle and members of his family.