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Rs1,266 Crore SBI Bank Fraud: ED Seizes Dubai Luxury Assets Gifted by AOPL Chief Shrikant Bhasi to Daughter
Moneylife Digital Team 19 November 2025
Economy & Nation
The directorate of enforcement (ED) has provisionally attached nine high-end foreign properties in Dubai, valued at Rs51.70 crore, as part of its investigation into a massive bank fraud involving Bhopal-based Advantage Overseas Pvt Ltd (AOPL). The attachment, carried out by the agency’s Bhopal zonal office on 17 November 2025, was executed under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
 
According to ED, the action stems from a wider probe into AOPL, its directors, guarantors and associated persons, including its main director and significant beneficial owner, Shrikant Bhasi. The agency alleges that their activities caused wrongful losses worth around Rs1,266.63 crore to State Bank of India (SBI)'s Shahpura Branch. The newly attached properties belong to Mr Bhasi and were gifted by him to his daughter.
 
The properties in question include apartments and commercial units located in upscale neighbourhoods such as Centurion Residence – Dubai Investment Park Second, Dubai Silicon Oasis, Liwa Heights (Al Thanyah Fifth), Business Bay, and the World Trade Centre Residences. Investigators have concluded that these assets were purchased using proceeds of crime (POC) generated through complex financial manoeuvres linked to the bank fraud.
 
ED says that Mr Bhasi exercised strategic control over AOPL and its associated companies, using that position to orchestrate the acquisition of foreign assets with illicitly obtained funds. These Dubai properties were, subsequently, transferred to his daughter through gift deeds executed between 2022 and 2023, allegedly without any monetary consideration. Officials believe the gifting was a deliberate attempt to conceal the origin of the funds and distance Mr Bhasi from the assets.
 
The investigation has revealed that the POC originated from multiple unlawful activities, including illegal merchanting trade transactions, diversion of bank funds, fabrication of documents, circular trading and layering of illicit proceeds across several entities. These methods enabled the AOPL group to siphon bank funds and route them through a network of domestic and foreign companies before using the money to acquire luxury assets abroad.
 
A significant portion of the losses arose from 12 foreign letters of credit (FLCs) amounting to US$200mn (million) or around Rs1,266.63 crore, which devolved upon SBI between April and May 2018. 
 
ED says the FLCs fell through after AOPL failed to meet mandatory margin requirements and did not infuse the necessary funds at the time of LC rollover. With the depletion of fixed deposit margins and the company’s inability to honour its commitments, SBI was forced to make payments to overseas suppliers on AOPL’s behalf, leading to a substantial financial hit to the public sector bank.
 
The agency maintains that these devolved LCs form a major component of the POC. After SBI’s payments, the funds were allegedly layered and laundered through a complex web of related entities to mask their trail before being used to purchase foreign assets.
 
Further enquiries by ED have uncovered an intricate network of domestic and international entities that were allegedly utilised for the diversion of funds, layering of transactions and acquisition of assets both in India and abroad.
 
Further investigation in the matter is currently under way, ED says.
 
In August this year, ED uncovered a major money laundering operation involving Advantage Overseas. The searches conducted by the agency led to the seizure of substantial incriminating evidence, including documents revealing the use of benami companies and suspicious transactions used to acquire high-value immovable assets.
 
Comments
renukannan65
2 months ago
Never put ur Hard earned money in SBI Bank account chor chori inside job FM won't say anything now buy property n put it on rent now things r bad ???????????? keep little bit don't keep big money when they will shut shop don't know
Reply
mailtovrv
2 months ago
Swindled rs 1266 cr. Property attached now rs 51 cr. How rs 1266 cr sanctioned? How monitored the use of funds
Reply
sudhir50jn
2 months ago
When there is a scam there's always State Bank of India.involved.why?You will observe in any Corporate loan default there is sbi is in front runner in extending loam
Reply
vak18sat
2 months ago
How bank gave such a huge amount, CBI should investigate insiders in the Bank ??
Reply
baskarans53
2 months ago
ED should wide publicity to such seizures as it will have demonstration effect.
Reply
Kamal Garg
2 months ago
How do you define high-end properties. Nine properties worth Rs. 51.70 crores and that too in Dubai, is by no means high-end properties. Is it not sensationalization of small trivial issues.
Reply
draskd
2 months ago
This wouldn't have been possible without connivance of multiple officials of SBI including higher administration. They should be properly investigated and exemplary punishment meted out if convicted.
Reply
knphil09
Replied to draskd comment 2 months ago
Yes the top officials in these banks need to be brought to task first,because every tom, dick and Harry, seem to be taking away thousands of crores fraudently from , them like a piece of cake.vijay mallya,anil ambani,the list just goes on and on

Nirav modi,mehul choksi,
Reply
zrsasdiqa
2 months ago
All rules and regulations,law and orders are made for poor people only not for big ones.
Reply
deepaksangani8637
2 months ago
Kuch nahi hoga ....... sab mile hue hai .
Reply
think00tank
2 months ago
Looting the Country with the support of their big bosses.
Reply
dgnandola46
2 months ago
PM & FM. are Silent .Why??
Reply
dgnandola46
2 months ago
Limit advance to each Party.


Reply
chandrakanthshetty3
2 months ago
Most of the frauds are happening in bhopal and money is routed to dubai.there is scrutinize by the bank at selective entries. The bank ard not using any checklist or audits to verify this transaction.earlier the crooks are funded through LC for export purpose and funded where remitted aboard and good imported may be fake or exports were send aborad with fake items like cotton waste or mud or fske jewellery instead of real.money sent aboard used for purchase of real estate there.even in mehul Chokshi also ,loans disbursed and amount remitted in layered format
Reply
arulklea
2 months ago
Prudential Norms only on Papers.
Reply
jhakumarnawin1965
2 months ago
When a common man goes to SBI business loan he gets loan at minimum 11% interest after mortgage of that property & equal amount of collateral. Then in this case what happened to them.Rule should be made to attach all the property Loan defaulter, SBI Loan Manager to SBI Managing Director & Chairman. Only then things will not happen in future.If this fundamental rule is not made then Finance Minister is equally responsible.
Reply
chandrakanthshetty3
Replied to jhakumarnawin1965 comment 2 months ago
Infua nothing happens.dhfl case bail is given by highcourt immediately on Dsick grounds
Reply
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