Pune: The Bombay High Court has granted bail to construction magnate Avinash Bhosale, who had been arrested in 2022 for his alleged involvement in a large-scale financial fraud linked to Yes Bank and DHFL.

Bhosale was taken into custody by the CBI on May 26, 2022, and later, the Enforcement Directorate (ED) arrested him in connection with the same case on June 28, 2022.

The High Court's decision marks a significant relief for Bhosale, who has been in jail since his arrest. Despite being granted bail earlier in the CBI case, Bhosale remained in custody due to the ED's case. Now, the court has extended bail to cover the ED's charges as well, allowing Bhosale to be released from prison.

The court, while granting bail, observed that there was insufficient evidence to prove Bhosale's guilt in the money laundering case filed by the ED.

Justice Manish Pitale pointed out several reasons suggesting Bhosale’s innocence and noted that he had already been granted bail in other non-cognizable offenses.

With his strong connections with political leaders, Bhosale is now set to be released from prison. On Wednesday, the High Court granted Avinash Bhosale bail in the money laundering case filed against him.

The court, while giving a major blow to the ED, noted that there is no evidence to suggest that he is guilty in the case filed by the ED.

Justice Manish Pitale stated that there are multiple reasons to believe that Bhosale is not guilty of the charges against him.

Additionally, the court noted that he had already been granted bail in earlier non-cognizable offenses. However, he has been prohibited from leaving the country without permission and has been instructed to cooperate with the investigating agencies.