The Enforcement Directorate (ED), Bhopal Zonal Office, has provisionally attached two foreign investment-linked life insurance policies valued at approximately Rs 3.66 crore in connection with a money laundering investigation involving M/s Advantage Overseas Private Limited (AOPL) and its promoter, Shrikant Bhasi. The policies, maintained with Zurich International Life Ltd, have a combined surrender value of USD 387,814.42 (around Rs 3.66 crore) under the Prevention of Money Laundering Act (PMLA), 2002.
ED’s probe stemmed from an FIR filed by the CBI’s Banking Security and Fraud Cell (BSFB), New Delhi, against AOPL, its directors, and unidentified public servants. The accused are accused of causing a wrongful loss of Rs 1,266.63 crore to the State Bank of India through fraudulent merchanting trade transactions. The investigation revealed that AOPL and its promoters engaged in fraudulent banking activities, including circular trading and diversion of funds to various entities, both domestic and overseas.
The investigation disclosed that Shrikant Bhasi, the promoter, had acquired and maintained the two insurance policies during the period surrounding the commission of the scheduled offence. These policies, funded through overseas accounts and entities linked to Bhasi, were sought for surrender in April 2026, with the proceeds intended for remittance to his Indian bank account. To prevent potential dissipation of the crime proceeds, ED attached the policies under Section 5(1) of PMLA.
In a prior action, the ED had provisionally attached nine immovable properties in Dubai, UAE, valued at around Rs 51.70 crore, along with domestic properties worth approximately Rs 111 crore. These measures are part of the agency’s ongoing efforts to trace and seize proceeds of crime generated by the alleged fraud. The investigation into the matter is ongoing.
