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Informative

Enforcement Directorate Attaches Foreign Properties in Dubai in Bank Fraud Case.

Update / Judgement Date

18 Nov 2025

Source

WCP News Bulletin

Author

Sakshi Bhardwaj — WCP Legal Desk

Reading Time

2 min read

Financial ManagementOther Legal Matters
Enforcement Directorate Attaches Foreign Properties in Dubai in Bank Fraud Case.
WCP News Bulletin

Headnote:

The ED provisionally attached nine luxurious foreign immovable properties in Dubai worth Rs. 51.70 Crore under the Prevention of Money Laundering Act, 2002 (PMLA). These assets were linked to a bank fraud by M/s Advantage Overseas Private Limited (AOPL) and its directors, causing a wrongful loss of Rs. 1266.63 Crore to State Bank of India. The properties, originally owned by Shrikant Bhasi and gifted to his daughter, were acquired from proceeds of crime and are part of ongoing investigation.


Background:

  1. The attachment relates to fraudulent activities by AOPL, including diversion of bank funds, fabrication of documents, circular trading, and illegal merchanting trade transactions.
  2. Shrikant Bhasi, the main director/significant beneficial owner, exercised control over AOPL and acquired foreign properties in Dubai, which were later gifted to his daughter between 2022–2023 to conceal the proceeds of crime.
  3. The bank fraud involved 12 Foreign Letters of Credit (FLCs) worth USD 200 million (approx. Rs. 1266.63 Crore), devolved upon SBI due to AOPL’s failure to meet mandatory margin requirements.
  4. The properties attached are located in Centurion Residence – Dubai Investment Park Second, Dubai Silicon Oasis, Liwa Heights (Al Thanyah Fifth), Business Bay, and World Trade Centre Residences.


Court/Authority Observations:

  1. ED investigation revealed a deliberate attempt to launder illicit proceeds through domestic and foreign entities.
  2. The layering, diversion of funds, and acquisition of assets demonstrate strategic concealment of proceeds of crime.
  3. The attachment is provisional, with further investigation ongoing.


Legal Provisions Discussed:

  1. Prevention of Money Laundering Act, 2002 (PMLA) – Sections relating to attachment and confiscation of property derived from proceeds of crime.
  2. Indian Penal Code / Banking Regulations – In relation to fraud, misrepresentation, and criminal misconduct affecting banking institutions.


Citation: 2025:ED:BHO:PR:18-11-2025

Case: Enforcement Directorate v. Shrikant Bhasi & Ors.

Court/Authority: Directorate of Enforcement (ED), Bhopal Zonal Office

Date of Press Release/Action: 17 November 2025

Reference: PMLA Attachment Proceedings