ED Seizes Luxury Dubai Properties Worth ₹51 Cr in Major Bank Loan Fraud Probe
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The Enforcement Directorate (ED) has attached nine luxurious apartments and commercial buildings in Dubai, valued at over ₹51 crore, as part of an ongoing investigation into a major bank loan fraud case. The probe, which was initiated by the ED's Bhopal zonal office, focuses on Advantage Overseas Private Limited (AOPL) and its directors, including Shrikant Bhasi, who allegedly caused a wrongful loss of ₹1,266.63 crore to the State Bank of India (SBI). According to the ED, Bhasi, who exercised 'strategic' control over AOPL, gifted the properties to his daughter through gift deeds in 2022-2023. The ED alleged that AOPL generated the funds for the properties through illicit activities, including merchanting trade transactions, diversion of bank funds, and fabrication of documents. In 2018, AOPL failed to meet the margin requirements for 12 Foreign Letters of Credit worth USD 200 million, resulting in a substantial loss to SBI. The ED claims that these devolved LCs were a significant component of the proceeds of crime, which were layered and laundered through related entities before being used to acquire foreign assets. The attached properties are located in various Dubai locations, including Centurion Residence, Dubai Silicon Oasis, and Business Bay.
