Luxury Dubai Properties Seized in Major Bank Fraud Case

The Enforcement Directorate has seized luxurious Dubai properties worth Rs 51 crore linked to a bank fraud involving Shrikant Bhasi and Advantage Overseas Private Limited. The fraudulent activities caused a loss of Rs 1,266.63 crore to SBI. The properties were acquired through money laundering and transferred to Bhasi's daughter.

The Enforcement Directorate (ED) has confiscated nine luxurious apartments and commercial buildings in Dubai, valued at over Rs 51 crore, due to suspected involvement in a bank fraud case, officials revealed on Tuesday.

According to sources, the Bhopal zonal office of the ED executed a provisional order on Monday under the Prevention of Money Laundering Act (PMLA) to secure these assets.

Authorities linked these properties to Advantage Overseas Private Limited (AOPL), its significant shareholder Shrikant Bhasi, and his associates, as part of a fraudulent scheme that defrauded the State Bank of India (SBI) by Rs 1,266.63 crore. The properties were allegedly acquired through proceeds from illicit activities.

(With inputs from agencies.)