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ED Attaches Nine Dubai Properties Worth Rs 51.7 Crore in AOPL Bank-Fraud Probe

Investigators say the assets trace to devolved 2018 letters of credit later gifted to the director’s daughter.

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Overview

  • The ED’s Bhopal zonal office issued a provisional attachment on November 17 under the Prevention of Money Laundering Act.
  • The assets comprise apartments and commercial spaces in Centurion Residence, Dubai Silicon Oasis, Liwa Heights, Business Bay, and World Trade Centre Residences.
  • The case concerns Advantage Overseas Private Limited and related persons over an alleged wrongful loss of Rs 1,266.63 crore to SBI’s Shahpura branch.
  • ED alleges funds were diverted through illegal merchanting trade, circular trading, fabricated documents, and multi‑layered transactions across entities.
  • Officials say the properties belong to Shrikant Bhasi and were transferred to his daughter via 2022–2023 gift deeds, with the probe into wider domestic and foreign networks continuing.