The Directorate of Enforcement (ED), Bhopal Zonal Office, has provisionally attached two investment-linked life insurance policies held with Zurich International Life Ltd, with a combined surrender value of ₹3.66 crore, under the Prevention of Money Laundering Act (PMLA), 2002. The action is part of an ongoing probe against M/s Advantage Overseas Pvt Ltd (AOPL) and its promoter Shrikant Bhasi.
The investigation was initiated based on an FIR filed by the Central Bureau of Investigation (CBI), BSFB, New Delhi, against AOPL, its directors, and unknown public servants for allegedly causing a wrongful loss of ₹1,266.63 crore to the State Bank of India through fraudulent merchanting trade transactions.
According to the ED, its probe under PMLA found that AOPL and its promoters allegedly secured banking facilities through sham merchanting trade deals, circular trading, falsified trade documents, and diversion of bank funds to multiple domestic and overseas entities.
The agency stated that the proceeds of crime were allegedly layered through several companies controlled by Shrikant Bhasi and subsequently invested in movable and immovable assets in India and abroad.
During the investigation, ED identified two insurance policies under Bhasi’s name with Zurich International Life Ltd, which were allegedly acquired during the period of the scheduled offence and funded through overseas accounts linked to him.
The ED also noted that in April 2026, Bhasi had sought to surrender both policies and have the proceeds transferred to his Indian bank account. Citing the risk of dissipation of alleged proceeds of crime, the agency attached the policies under Section 5(1) of PMLA.
Earlier, the ED had also attached nine immovable properties in Dubai valued at around ₹51.70 crore, along with domestic assets worth approximately ₹111 crore in the same case.
