Bhopal, 30 November 2025 — The Directorate of Enforcement (ED), Bhopal Zonal Office, has provisionally attached domestic immovable properties belonging to Advantage Overseas Private Limited (AOPL), its directors/guarantors, and key promoter and significant beneficial owner Shrikant Bhasi under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attached domestic assets are valued at approximately ₹111.32 crore.
ED investigations revealed that AOPL and its associates were engaged in fraudulent merchanting trade, circular trading, document fabrication, and diversion of bank funds, causing a loss of nearly ₹1,266.63 crore to State Bank of India, Shahpura Branch, Bhopal.
Pattern of Fund Diversion and Asset Layering
The investigation showed that the fraudulently obtained funds were layered through a network of group companies and associated individuals, and subsequently used to acquire high-value immovable properties across India.
ED further found that several companies, including:
- AMG Group entities
- Commercial Amplitude Pvt. Ltd.
- AMG Management Services Pvt. Ltd.
and other nominee or employee-held entities, though officially in the names of employees, relatives, and associates, were fully controlled by Shrikant Bhasi. Statements from key managerial personnel associated with AOPL and the AMG Group corroborated this finding.
Search Operations and Evidence Seizure
During search operations conducted on 1 August 2025, ED seized property documents, agreement papers, digital evidence, and communication records related to these domestic assets. The evidence indicated that properties were acquired in the names of relatives and close associates to obscure the Proceeds of Crime (POC) generated through the fraudulent transactions.
Action on Overseas Properties
Earlier, on 17 November 2025, ED had attached nine foreign properties in Dubai, UAE, valued at approximately ₹51.70 crore. With the recent domestic attachments, the total value of seized properties now stands at ₹163.02 crore.
Next Steps in Investigation
The ED has confirmed that the investigation is ongoing. The agency plans to:
- Identify linked companies and individuals involved in the network.
- Analyse the flow of funds and transactional patterns.
- Investigate related domestic and international properties and connections.
