ED attaches ₹3.66 crore insurance policies linked to ₹1,266 crore SBI fraud case
The Bhopal zonal office of the agency issued the provisional attachment under the Prevention of Money Laundering Act as part of its investigation into Advantage Overseas Pvt Ltd and Bhasi, its promoter
- Jun 26, 2026,
- Updated Jun 26, 2026 2:32 PM IST
The Enforcement Directorate has attached two overseas life insurance policies worth about ₹3.66 crore after their holder, businessman Shrikant Bhasi, allegedly moved to surrender them and transfer the proceeds to an Indian bank account.
The Bhopal zonal office of the agency issued the provisional attachment under the Prevention of Money Laundering Act as part of its investigation into Advantage Overseas Pvt Ltd and Bhasi, its promoter.
The two investment-linked policies were held with Zurich International Life Ltd.
Probe stems from alleged ₹1,266-crore SBI loss
The money-laundering investigation is based on a Central Bureau of Investigation case against Advantage Overseas, its directors and unidentified public officials.
The CBI has alleged that fraudulent merchanting trade transactions caused the State Bank of India a loss of ₹1,266.63 crore.
According to the ED, the company and its promoters secured banking facilities through transactions that did not involve genuine trade. Investigators have alleged the use of circular trading, fabricated documents and diversion of borrowed money to entities in India and overseas.
The agency claims that funds generated from the alleged offence were moved through multiple companies controlled by Bhasi before being invested in properties and other assets.
Policies allegedly funded through overseas entities
During the financial investigation, the ED traced two investment-linked life insurance policies held in Bhasi’s name.
The agency said the policies were purchased and maintained around the period in which the alleged bank fraud took place. Payments towards them were allegedly routed through foreign accounts and entities associated with Bhasi.
In April 2026, Bhasi applied to surrender both policies and sought the transfer of the redemption amount to his bank account in India, according to the ED.
The agency said the move created a risk that the assets could be liquidated or moved beyond its reach.
It subsequently attached the policies under Section 5(1) of the PMLA. Their combined surrender value was estimated at ₹3.66 crore.
Properties in India and Dubai attached earlier
The ED has previously attached assets in India and the United Arab Emirates in connection with the same case.
These include nine properties in Dubai valued at around ₹51.70 crore and domestic properties estimated to be worth approximately ₹111 crore.
The latest action takes the total value of assets attached in the case to more than ₹166 crore.
The agency said its investigation remains underway as it seeks to trace additional assets allegedly acquired from the diverted bank funds.
The Enforcement Directorate has attached two overseas life insurance policies worth about ₹3.66 crore after their holder, businessman Shrikant Bhasi, allegedly moved to surrender them and transfer the proceeds to an Indian bank account.
The Bhopal zonal office of the agency issued the provisional attachment under the Prevention of Money Laundering Act as part of its investigation into Advantage Overseas Pvt Ltd and Bhasi, its promoter.
The two investment-linked policies were held with Zurich International Life Ltd.
Probe stems from alleged ₹1,266-crore SBI loss
The money-laundering investigation is based on a Central Bureau of Investigation case against Advantage Overseas, its directors and unidentified public officials.
The CBI has alleged that fraudulent merchanting trade transactions caused the State Bank of India a loss of ₹1,266.63 crore.
According to the ED, the company and its promoters secured banking facilities through transactions that did not involve genuine trade. Investigators have alleged the use of circular trading, fabricated documents and diversion of borrowed money to entities in India and overseas.
The agency claims that funds generated from the alleged offence were moved through multiple companies controlled by Bhasi before being invested in properties and other assets.
Policies allegedly funded through overseas entities
During the financial investigation, the ED traced two investment-linked life insurance policies held in Bhasi’s name.
The agency said the policies were purchased and maintained around the period in which the alleged bank fraud took place. Payments towards them were allegedly routed through foreign accounts and entities associated with Bhasi.
In April 2026, Bhasi applied to surrender both policies and sought the transfer of the redemption amount to his bank account in India, according to the ED.
The agency said the move created a risk that the assets could be liquidated or moved beyond its reach.
It subsequently attached the policies under Section 5(1) of the PMLA. Their combined surrender value was estimated at ₹3.66 crore.
Properties in India and Dubai attached earlier
The ED has previously attached assets in India and the United Arab Emirates in connection with the same case.
These include nine properties in Dubai valued at around ₹51.70 crore and domestic properties estimated to be worth approximately ₹111 crore.
The latest action takes the total value of assets attached in the case to more than ₹166 crore.
The agency said its investigation remains underway as it seeks to trace additional assets allegedly acquired from the diverted bank funds.