NEW DELHI: The Enforcement Directorate (ED) has attached nine luxurious foreign immovable properties located in Dubai (UAE) in the Rs 1266.63 crore State Bank of India (SBI) fraud case allegedly done by Advantage Overseas Private Limited (AOPL), the agency said on Tuesday.
The attached properties are in the form of apartments and commercial spaces, worth Rs 51.70 crore. These properties were attached on November 17.
ED said the move was taken in the matter of bank fraud committed by AOPL, its directors, guarantors, and related persons, including its main director and significant beneficial owner, Shrikant Bhasi, which caused wrongful loss of Rs 1266.63 crore to SBI.
As per the ED, the attached properties belong to Shrikant Bhasi, who gifted them to his daughter.
ED’s Bhopal zonal office attached these foreign immovable properties located in Dubai under the Prevention of Money Laundering Act (PMLA), 2002.
ED said these foreign assets, situated in Centurion Residence - Dubai Investment Park Second, Dubai Silicon Oasis, Liwa Heights (Al Thanyah Fifth), Business Bay, and World Trade Centre Residences, were found to be acquired out of Proceeds of Crime (POC) generated in connection with the bank fraud case where SBI, Shahpura branch has incurred wrongful loss to the tune of Rs 1266.63 crore.
“These properties were later deliberately gifted to his daughter through gift deeds executed in 2022-2023, without any consideration to hide the POC. The properties were acquired from funds generated by AOPL and its group entities through illegal merchanting trade transactions, diversion of bank funds, fabrication of documents, circular trading, and layering of illicit proceeds,” the financial probe agency mentioned in its statement. (ANI)
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