Archive · 19 Nov 2025
ED Attaches Rs 51.70 Cr Dubai Properties in Rs 1266 Cr SBI Fraud Case
The Enforcement Directorate (ED) has seized nine luxurious properties in Dubai, worth Rs 51.70 crore, from a man named Shrikant Bhasi.
These properties were bought using money illegally obtained from a fraud case involving the State Bank of India (SBI).
The fraud caused a loss of Rs 1266.63 crore to the bank.
ED attaches 9 luxury Dubai properties worth Rs 51.70 cr in Rs 1266 cr SBI fraud case
Properties belong to Shrikant Bhasi, director of Advantage Overseas Private Limited (AOPL)
Properties acquired using proceeds of crime from bank fraud
Fraud caused wrongful loss of Rs 1266.63 cr to SBI
Properties attached under Prevention of Money Laundering Act (PMLA), 2002
- Who
- Shrikant Bhasi, director of Advantage Overseas Private Limited (AOPL), and the Enforcement Directorate (ED)
- What
- Attached nine luxurious properties in Dubai worth Rs 51.70 crore
- When
- November 17, 2022
- Where
- Dubai, United Arab Emirates
- Why
- To recover proceeds of crime from a Rs 1266.63 crore fraud case involving SBI
- Total value of attached properties
- Rs 51.70 crore
- Total fraud amount
- Rs 1266.63 crore
- Bank affected
- State Bank of India (SBI)
- Location of properties
- Dubai, United Arab Emirates
- Law under which properties were attached
- Prevention of Money Laundering Act (PMLA), 2002
