ED Seizes Dubai Assets Linked to ₹1,266 Crore SBI Fraud, Gifted to AOPL Chief’s Daughter

As per moneylife report, the directorate of enforcement has attached Dubai based properties valued at ₹51.70 crore in connection with the ₹1,266.63 crore SBI bank fraud tied to Advantage Overseas Pvt Ltd (AOPL). The assets belong to AOPL director Shrikant Bhasi and were transferred to his daughter. 

ED Seizes Dubai Properties Linked to Alleged Fraud 

ED’s action on November 17, 2025, follows its probe into AOPL and its key individuals. The attached properties include luxury units across Centurion Residence, Dubai Silicon Oasis, Liwa Heights, Business Bay and World Trade Centre Residences. Investigators say these assets were acquired using proceeds of crime generated through illicit financial activities and later gifted to Mr Bhasi’s daughter between 2022 and 2023 without monetary consideration. 

₹1,266 Crore Loss to SBI from Foreign LCs 

The alleged fraud centres on foreign letters of credit worth $20,00,00,000 or about ₹1,266.63 crore that devolved upon SBI between April and May 2018. AOPL reportedly failed to meet margin requirements and did not infuse funds during LC rollovers, leading SBI to make payments to overseas suppliers. The bank’s fixed deposit margins were depleted, resulting in a major financial loss. 

Read More: SBI Chairman CS Setty Calls for National Financial Grid to Check Frauds! 

Complex Layering and Diversion of Funds 

ED alleges that the proceeds were routed through layered transactions involving domestic and foreign entities. Methods included circular trading, illegal merchanting trade and diversion of bank funds. These manoeuvres, according to ED, enabled the acquisition of high value foreign assets later transferred to a family member to obscure ownership. 

AOPL’s Role and Earlier Findings 

Mr Bhasi is believed to have exercised significant control over AOPL and its associated companies, allowing the alleged diversion of funds. Earlier searches in August 2025 revealed documents indicating the use of benami entities and suspicious transactions to acquire properties abroad. The agency maintains that the devolved LCs form a major portion of the proceeds of crime. 

Conclusion 

The attachment of Dubai properties marks another step in ED’s inquiry into the large scale fraud involving AOPL and the alleged losses incurred by SBI. Further investigation into the financial network and asset trail continues. 

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