NEW DELHI: The Enforcement Directorate (ED) has provisionally attached two foreign investment-linked life insurance policies valued at approximately ₹3.66 crore as part of its ongoing investigation into the alleged money laundering activities involving Advantage Overseas Private Limited (AOPL) and its promoter, Shrikant Bhasi. The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to an official statement issued by the ED’s Bhopal Zonal Office, the attached policies were maintained with Zurich International Life Ltd. The combined surrender value of the two policies is estimated at USD 387,814.42, equivalent to nearly ₹3.66 crore.
Investigation Based on CBI FIR
The money laundering investigation stems from a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), Banking Securities and Fraud Branch (BSFB), New Delhi. The FIR names Advantage Overseas Pvt. Ltd., its directors, and unidentified public servants for allegedly causing a wrongful loss of ₹1,266.63 crore to the State Bank of India through fraudulent merchanting trade transactions.
The ED launched its probe under the PMLA after taking cognisance of the CBI case, examining the alleged financial irregularities and tracing the proceeds of crime generated through the suspected fraud.
Alleged Fraudulent Transactions
During the course of the investigation, the ED found that Advantage Overseas Pvt. Ltd. and its promoters allegedly obtained banking facilities by carrying out sham merchanting trade transactions. Investigators also uncovered evidence of circular trading, fabrication of trade-related documents, and diversion of bank funds through various domestic and overseas entities.
The agency believes that the proceeds generated from these activities were routed through multiple companies allegedly controlled by Shrikant Bhasi. These funds were subsequently invested in movable and immovable assets located both in India and abroad, according to the investigation.
Foreign Insurance Policies Under Scanner
As part of the financial trail, the ED identified two investment-linked life insurance policies held with Zurich International Life Ltd. in the name of Shrikant Bhasi.
Investigators found that these policies were acquired and maintained during the period in which the alleged scheduled offences were committed. The premiums for these policies were reportedly paid through overseas accounts and entities connected with Bhasi.
The agency stated that the foreign insurance investments were allegedly funded using proceeds linked to the suspected financial crime, making them liable for attachment under the PMLA.
Attempt to Surrender Policies
The investigation further revealed that in April 2026, Shrikant Bhasi reportedly initiated the surrender process for both life insurance policies. He allegedly requested that the surrender proceeds be remitted to his bank account in India.
The ED said it acted swiftly after assessing the possibility that the assets could be liquidated, potentially making it difficult to recover the alleged proceeds of crime. To prevent the dissipation of assets, the agency provisionally attached both insurance policies under Section 5(1) of the PMLA.
Previous Asset Attachments
The latest attachment forms part of a broader investigation into the alleged financial fraud. Earlier in the same case, the ED had provisionally attached nine immovable properties located in Dubai, United Arab Emirates, with an estimated value of ₹51.70 crore.
In addition, domestic properties worth nearly ₹111 crore had also been attached during earlier stages of the investigation.
The agency stated that these actions are aimed at tracing, identifying, and securing assets believed to have been acquired using proceeds generated from the alleged offences.
Probe Continues
The Enforcement Directorate has clarified that the attachment of the foreign insurance policies is only one step in its ongoing investigation. Officials are continuing to examine the movement of funds, overseas transactions, and the ownership of assets connected to the accused individuals and entities.
The agency is also investigating the wider financial network through which the alleged proceeds of crime were transferred and invested across multiple jurisdictions.
The ED reiterated that further investigation is underway to establish the complete money trail and identify additional assets, if any, linked to the alleged laundering of funds. The outcome of the investigation will determine the next course of legal action under the provisions of the Prevention of Money Laundering Act.
