ED attaches ₹3.01 crore assets of ex-SBI AGM Anil Kumar Jain in Bhopal
Synopsis
The ED has attached ₹3.01 crore in fixed deposits belonging to a former SBI AGM in Bhopal, alleging his assets were 481 per cent above his lawful income — with cash deposits allegedly routed through a shell company and hawala operators to disguise their origin.
Key Takeaways
The ED provisionally attached ₹3.01 crore in fixed deposits of former SBI AGM Anil Kumar Jain on 10 June 2026 under the PMLA .
Jain's assets during 1 April 2017 – 31 December 2018 were allegedly 481% above his known lawful income.
Unexplained cash deposits of ₹2.35 crore were made into accounts of Jain and his family members.
The ED alleged Jain used a shell company, M/s Excellent Infrabuild Pvt.
Ltd. , and hawala operators to legitimise illicit funds.
Attached assets will proceed to confiscation hearings before the adjudicating authority.
The Directorate of Enforcement (ED), Bhopal Zonal Office, has provisionally attached movable assets worth ₹3.01 crore belonging to Anil Kumar Jain, a former Assistant General Manager (AGM) of the State Bank of India (SBI) who was posted at the Local Head Office (LHO) in Bhopal. The attachment, executed on 10 June 2026 under the Prevention of Money Laundering Act (PMLA), 2002, follows a Central Bureau of Investigation case alleging Jain held assets grossly disproportionate to his known income.
Background and CBI Case
The ED action stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI), Anti-Corruption Bureau (ACB), Bhopal, against Jain under Section 13(2) read with Section 13(1)(b) of the Prevention of Corruption Act, 1988. The CBI case centres on Jain allegedly accumulating assets far beyond his legitimate earnings during his tenure as a senior SBI official.
Scale of Alleged Disproportionate Assets
According to the ED, during the check period from 1 April 2017 to 31 December 2018, Jain allegedly amassed assets worth ₹3.01 crore — approximately 481 per cent in excess of his known lawful income. A significant portion comprised unexplained cash deposits totalling ₹2.35 crore made into bank accounts held by Jain and his family members. The agency said Jain claimed these deposits arose from the sale of immovable properties but failed to produce any supporting documentation.
The investigation further revealed that these cash deposits were subsequently converted into fixed deposits (FDs), generating additional proceeds of crime. The ED separately identified fixed deposits worth ₹0.66 crore as part of the disproportionate asset pool. Jain could not provide any credible explanation or documentary proof for the origin of these funds, according to the agency.
Alleged Hawala Links and Shell Entity
The ED's probe under the PMLA also allegedly exposed Jain's purported connivance with hawala operators — including a chartered accountant — to legitimise illicit income. This was allegedly done through the purported sale of immovable properties to M/s Excellent Infrabuild Pvt. Ltd., identified by investigators as a shell entity with no genuine business activity. Jain reportedly claimed to have received cash consideration from the company's directors, including Akhilesh Choudhary, who is said to have acted as a dummy director.
What the Attachment Means
To prevent the concealment, transfer, or disposal of the implicated assets, the ED has provisionally attached fixed deposits worth ₹3.01 crore, treating them as direct proceeds of crime under the PMLA. Provisional attachment is a precautionary measure; the attached properties will be secured for eventual confiscation proceedings before the adjudicating authority. This case is part of the ED's broader push to pursue money laundering originating from corruption within public-sector financial institutions.
Point of View
And the alleged hawala-plus-shell-company layering suggests a deliberate structuring effort rather than passive accumulation. What this case also highlights is the vulnerability of large public-sector banks to insider misconduct at the AGM level — where loan-sanctioning and treasury powers converge. The CBI-ED dual-agency pursuit signals coordinated pressure, but conviction timelines in PMLA cases remain long; provisional attachment, while significant, is only the first step toward actual recovery.
NationPress
13 Aug 2026
Frequently Asked Questions
Why has the ED attached assets of former SBI AGM Anil Kumar Jain?
The ED attached ₹3.01 crore in fixed deposits belonging to Anil Kumar Jain, a former SBI AGM in Bhopal, under the PMLA after its investigation found his assets were approximately 481 per cent above his known lawful income between 2017 and 2018. The action follows a CBI FIR alleging disproportionate assets and corruption.
What is a provisional attachment under PMLA?
A provisional attachment under the Prevention of Money Laundering Act, 2002, is a temporary measure that freezes or seizes assets suspected to be proceeds of crime, preventing their transfer or disposal. The attachment is subject to confirmation by an adjudicating authority and can eventually lead to permanent confiscation.
What was the role of M/s Excellent Infrabuild Pvt. Ltd. in the case?
The ED identified M/s Excellent Infrabuild Pvt. Ltd. as a shell entity with no genuine business activity, allegedly used by Jain to legitimise illicit income through purported property sale transactions. The company's directors, including Akhilesh Choudhary — described as a dummy director — reportedly paid Jain in cash.
What were the unexplained cash deposits found in the ED probe?
The ED found unexplained cash deposits totalling ₹2.35 crore in bank accounts held by Jain and his family members. Jain claimed these came from property sales but could not produce any supporting documentation, according to the agency.
What happens next in the case?
The provisionally attached fixed deposits worth ₹3.01 crore will be placed before the adjudicating authority under the PMLA for confirmation of the attachment. If confirmed, the assets will proceed to confiscation proceedings; the underlying CBI corruption case continues in parallel.
