The Enforcement Directorate (ED) in Bhopal has provisionally attached movable properties valued at around Rs 3.01 crore belonging to Anil Kumar Jain, a former Assistant General Manager (AGM) of the State Bank of India (SBI) at the Local Head Office (LHO) in Bhopal. This action was taken under the Prevention of Money Laundering Act (PMLA) on June 10, 2026, based on an ED statement issued recently.
An FIR filed by the Central Bureau of Investigation (CBI), Anti-Corruption Bureau (ACB) in Bhopal against Jain triggered this attachment. The case involves allegations of Jain owning assets disproportionate to his known income sources under the Prevention of Corruption Act, 1988. During the investigation period from April 1, 2017, to December 31, 2018, Jain accumulated assets worth Rs 3.01 crore, which exceeded his lawful income by approximately 481%.
The ED’s probe revealed that a significant part of these assets came from unexplained cash deposits totaling Rs 2.35 crore into bank accounts held by Jain and his family members. Jain attributed these deposits to property sales but failed to provide supporting evidence. These cash deposits were later converted into fixed deposits, generating additional proceeds of crime. Additionally, fixed deposits worth Rs 0.66 crore were identified as part of the disproportionate assets, with Jain unable to justify the source of these funds.
Further investigations exposed Jain’s alleged involvement with hawala operators and a chartered accountant to legitimize his illicit income through the sale of properties to a shell entity, M/s Excellent Infrabuild Pvt. Ltd. Jain claimed to have received cash from the company’s directors, including a reported dummy director. To prevent asset concealment, transfer, or disposal, the ED has provisionally attached fixed deposits worth Rs 3.01 crore, treating them as direct proceeds of crime under the PMLA for eventual confiscation proceedings.
