Bhopal: As many as nine luxurious foreign immovable properties in Dubai have been attached provisionally by the Enforcement Directorate (ED) in connection with a Rs 1266.63 crore fraud case committed by Madhya Pradesh branch of the State Bank of India (SBI).The attached properties are in the form of apartment and commercial spaces, having a worth of Rs 51.70 crore.The concerned luxurious foreign assets are located in Centurion Residence – Dubai Investment Park Second, Dubai Silicon Oasis, Liwa Heights (Al Thanyah Fifth), Business Bay, and World Trade Centre Residences.During the course of investigation, the properties were found to be acquired out of Proceeds of Crime (POC) generated in connection with the bank fraud case.The wrongful loss to the tune of Rs 1266.63 crore was caused to the SBI by M/s Advantage Overseas Private Limited (AOPL), its directors, guarantors and related persons including its main director/significant beneficial owner, Shrikant Bhasi.ED probe revealed that Shrikant Bhasi, who exercised strategic control over AOPL and its associated entities, had acquired the said foreign properties in Dubai. These properties were later deliberately gifted to his daughter through gift deeds executed in 2022–2023, without any consideration to hide the POC.
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