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In a major crackdown on cross-border money laundering linked to a massive bank fraud, the Enforcement Directorate (ED) has provisionally attached nine high-end foreign properties in Dubai worth ₹51.70 crore, belonging to Shrikant Bhasi — the main accused in the ₹1,266.63-crore SBI fraud case involving M/s Advantage Overseas Private Limited (AOPL).

The attachment was carried out on 17 November 2025 by ED’s Bhopal Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002.

Gifted to Daughter to Hide Ill-Gotten Money

According to the ED, the luxurious Dubai apartments and commercial units — located in Centurion Residence (Dubai Investment Park), Dubai Silicon Oasis, Liwa Heights, Business Bay, and World Trade Centre Residences — were originally acquired by Bhasi using proceeds of crime generated through AOPL and its group entities.

To hide the origin and ownership of these assets, Bhasi gifted the Dubai properties to his daughter in 2022–2023, without any monetary consideration.

The agency says this gifting pattern was a deliberate strategy to distance the assets from the main accused while retaining control through family channels — a typical layering technique in international money laundering cases.

The SBI Fraud: How ₹1,266 Crore Vanished

AOPL, under the strategic control of Bhasi, executed illegal merchanting trade transactions, circular trading, fabrication of documents, and diversion of bank funds, ED stated.

A key part of the fraud involves 12 Foreign Letters of Credit (FLCs) worth USD 200 million (approx. ₹1,266.63 crore) issued by SBI’s Shahpura Branch between April and May 2018.

These FLCs devolved on the bank after AOPL failed to meet required margins and defaulted at the time of LC rollovers.
As a result, SBI was forced to make payments to overseas suppliers, triggering massive losses for the public-sector bank.

Layering Through a Global Network

ED investigators uncovered a complex web of domestic and foreign entities used to layer illicit funds before they were routed into high-value assets abroad.

The nine Dubai properties form only a segment of the suspected illegal wealth trail. More attachments and arrests may follow as the investigation deepens.

Further Investigation Underway

ED has confirmed that the probe is still in progress, with more leads emerging regarding fund diversion, global money movement, and additional assets held by the accused and their associates.

Also Read: ED arrests OSBPL MD Swaraj Singh Yadav for cheating PMAY homebuyers through fake cancellations

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