Bhopal/New Delhi, June 25 (IANS) The Directorate of Enforcement (ED), Bhopal Zonal Office, has provisionally attached two foreign investment-linked life insurance policies worth approximately Rs 3.66 crore in connection with the money laundering investigation against M/s Advantage Overseas Private Limited (AOPL) and its promoter, Shrikant Bhasi.
The attached policies are maintained with Zurich International Life Ltd and have an aggregate surrender value of USD 387,814.42 (around Rs 3.66 crore). The attachment was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, an ED press note said.
ED initiated the probe based on an FIR registered by the CBI’s Banking Security and Fraud Cell (BSFB), New Delhi, against AOPL, its directors, and unknown public servants. The accused are alleged to have caused a wrongful loss of Rs 1,266.63 crore to the State Bank of India through fraudulent merchanting trade transactions, it said.
During the PMLA investigation, the ED found that AOPL and its promoters had fraudulently availed banking facilities by executing sham merchanting transactions, engaging in circular trading, fabricating trade documents, and diverting bank funds to various domestic and overseas entities.
The proceeds of crime were allegedly layered through multiple companies controlled by Shrikant Bhasi and invested in movable and immovable assets both in India and abroad, the ED said.
ED’s investigation revealed that the two insurance policies were acquired and maintained in the name of Shrikant Bhasi during the period surrounding the commission of the scheduled offence. These policies were funded through overseas accounts and entities linked to him.
In April 2026, Shrikant Bhasi had sought the surrender of both policies and requested that the proceeds be remitted to his Indian bank account. To prevent possible dissipation of the proceeds of crime, ED attached the policies under Section 5(1) of PMLA.
This is the latest attachment in the case. Earlier, the ED had provisionally attached nine immovable properties in Dubai, UAE, valued at approximately Rs 51.70 crore, and domestic properties worth around Rs 111 crore.
The attached document is part of the agency’s ongoing efforts to trace and seize the proceeds of crime generated by the alleged fraud. Further investigation into the matter is going on, the ED said.
–IANS
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