In Bhopal, the Enforcement Directorate executed a significant operation against Advantage Overseas Pvt. Ltd. (AOPL), launching searches under the Prevention of Money Laundering Act (PMLA). The move comes amid allegations that AOPL obtained bank loans amounting to ₹1,266 crore from SBI through deliberate deceit, inflated turnover reports, and fraudulent documentation. During the raids, the ED confiscated assets worth over ₹300 crore.
Massive Loan Fraud Under PMLA Probe
The Enforcement Directorate (ED) conducted raids in and search operations in Bhopal in the case of M/s Advantage Overseas Pvt. Ltd. (AOPL) under the provisions of PMLA, 2002 in a matter related to criminal conspiracy for cheating, forgery of valuable security, etc. and causing loss to the tune of Rs. 1266.63 Crore to State Bank of India (SBI). During the search operations, various incriminating evidence, including documents indicating the existence of multiple companies opened in the name of employees/ Benamidars for laundering of Proceeds of Crime and the acquisition of high-value immovable properties through suspicious transactions, was seized.
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SBI at the Center of Financial Scam Allegations
According to officials, the case stems from loans sanctioned by the State Bank of India (SBI) to AOPL, which were allegedly siphoned off instead of being used for the intended agricultural processing projects. The fraud reportedly caused a major loss to the bank and raised red flags over loan disbursal and monitoring mechanisms. ED teams searched various premises linked to company directors and associates. Key financial records, digital data, and property documents were seized during the operation. Officials indicated that these raids are aimed at uncovering the money trail and identifying assets purchased using the diverted funds. Preliminary findings suggest that the fraud may have wider connections, with funds potentially moved across states through shell companies. Investigators are now tracing these transactions to determine the full scale of the scam and identify all beneficiaries.