ED Provisions: Are Rs 111.32 Crore Assets of Directors and Guarantors Attached in a Bank Fraud Case?
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Synopsis
In a significant move, the ED has provisionally attached assets worth Rs 111.32 crore linked to directors and guarantors of AOPL in a bank fraud case. The investigation reveals extensive fraudulent activities leading to a substantial loss for the State Bank of India.
Key Takeaways
- ED's attachment of assets highlights serious financial fraud.
- Investigation under PMLA emphasizes accountability.
- Fraudulent activities have led to substantial losses for the bank.
- Network of companies involved illustrates complex fraud operations.
- Continued investigations indicate ongoing scrutiny of financial practices.
Bhopal, Nov 29 (NationPress) The Directorate of Enforcement (ED), operating from the Bhopal Zonal Office, has provisionally attached domestic immovable properties situated in Madhya Pradesh, Maharashtra, and Kerala under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. This action is part of an investigation into a bank fraud case involving M/s Advantage Overseas Private Limited (AOPL).
The ED has also secured the properties of its directors, guarantors, and associated individuals, including the significant beneficial owner and promoter, Shrikant Bhasi.
The properties attached, identified as proceeds of crime (POC), are valued at approximately Rs 111.32 crore.
Investigations by the ED have uncovered that AOPL and its affiliates are involved in fraudulent merchanting trade transactions, circular trading, document fabrication, and diversion of bank funds, which have led to a substantial wrongful loss of Rs 1,266.63 crore to the State Bank of India, Shahpura Branch in Bhopal.
The POC generated was concealed through a network of domestic group companies and associated individuals and was later utilized for the acquisition of high-value immovable assets in India.
Further investigations under the PMLA have revealed a significant number of companies, such as AMG Group entities, Commercial Amplitude Pvt. Ltd., and AMG Management Services Pvt. Ltd.. These entities, while seemingly held in the names of employees and relatives, are actually fully controlled by Shrikant Bhasi, as confirmed by testimonies from key managerial personnel linked to AOPL and AMG Group.
During search operations on August 1, 2025, numerous property documents, agreements, digital evidence, and communications related to these domestic assets were seized.
According to the material evidence and seized documents, these properties were acquired under the names of relatives and close associates, representing the layered POC.
Additionally, the ED had previously attached nine foreign properties on November 17, 2025, valued at Rs 51.70 crore located in Dubai, UAE.
Thus far, the total value of attachments in this case stands at approximately Rs 163.02 crore, with further investigations ongoing.
Point of View
It's crucial to highlight the serious implications of this case on the financial integrity of our banking system. The ED's actions reflect a strong stance against financial fraud, emphasizing the importance of transparency and accountability in corporate governance.
NationPress
29/11/2025
Frequently Asked Questions
What is the value of the assets attached by the ED?
The ED provisionally attached assets valued at Rs 111.32 crore.
Which companies are involved in the investigation?
The investigation involves M/s Advantage Overseas Private Limited (AOPL) and associated companies like AMG Group entities.
What legislation is the ED using for this investigation?
The investigation is being conducted under the Prevention of Money Laundering Act (PMLA), 2002.
How much loss did the fraudulent activities cause to the State Bank of India?
The fraudulent activities resulted in a wrongful loss of Rs 1,266.63 crore to the State Bank of India.
What kind of fraudulent activities are alleged in this case?
The alleged activities include fraudulent merchanting trade transactions, circular trading, and document fabrication.
