ED Attaches Nine Dubai Properties Worth ₹51.70 Crore in SBI Fraud Probe

Overview

• The ED's Bhopal zonal office issued a provisional attachment under the PMLA covering nine apartments and commercial units in Dubai valued at ₹51.70 crore.
• The action stems from an investigation into Advantage Overseas Private Limited and related persons over an alleged bank fraud that hit SBI’s Shahpura branch.
• The properties are attributed to Shrikant Bhasi, identified as AOPL’s main director and significant beneficial owner, who gifted them to his daughter in 2022–2023.
• Investigators allege the assets were funded through illegal merchanting trade, diversion of bank funds, fabricated documents, circular trading, and layering of illicit proceeds.
• Twelve foreign letters of credit totaling about USD 200 million devolved on SBI in April–May 2018, which the ED says form a key part of the proceeds now traced to overseas purchases, with the broader network still under probe.