The offensive player did lose possession, but that's not really the issue. The reason that it was a violation is that the team never lost team control. When a player of the team in control is in the lane for three seconds and there is team control for that entire time (and the ball is in the frontcourt), it's a violation.
Even for people who say that this should only be called when there is a clear advantage, I think this would be a violation, as the player got the ball right back with an easy chance for a basket.
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