Bhopal (Madhya Pradesh): The Enforcement Directorate (ED), Bhopal Zonal Office, has attached 12 immovable properties valued at approximately Rs 2.08 crore in Ashta town, Sehore district, belonging to prime accused Manoj Parmar and his associates in a major bank loan fraud case involving government self-employment schemes.
The attachment has been made under the Prevention of Money Laundering Act (PMLA) in a case registered against Manoj Parmar, Mark Pius Karari (then Branch Manager, Punjab National Bank, Ashta branch), and others.
After an ED raid in December 2024, businessman Manoj Parmar and his wife Neha were found dead in his office in Sehore district. Their bodies were discovered eight days after the raid, which was conducted in connection with a 2017 bank fraud case.
ED initiated money-laundering probe based on an FIR and subsequent chargesheet filed by the Central Bureau of Investigation (CBI), Bhopal, under sections of cheating, forgery, criminal conspiracy, and corruption.
Investigation revealed that in 2016, Manoj Parmar, in collusion with the then PNB Branch Manager, fraudulently obtained 18 loans totalling Rs 6.20 crore (Rs 6.01 crore actually disbursed) under the Pradhan Mantri Employment Generation Programme (PMEGP) and Chief Minister Yuva Udyami Yojana (CMYUY). The loans were sanctioned in names of 18 fictitious applicants using forged documents, fabricated quotations and fake project reports.
ED attaches Rs 111.32cr assets of firm directors, guarantors in bank fraud case
The Directorate of Enforcement (ED), Bhopal Zonal Office, has attached domestic immovable properties in Madhya Pradesh, Maharashtra and Kerala under the Prevention of Money Laundering Act (PMLA), 2002 in a bank fraud case involving M/s Advantage Overseas Private Limited (AOPL).
The attached properties also include those of AOPL directors, guarantors and related persons, including promoter and significant beneficial owner Shrikant Bhasi, with a total valuation of Rs 111.32 crore.
ED investigation revealed that AOPL and its associates engaged in fraudulent merchanting trade transactions, circular trading, document fabrication and diversion of bank funds, causing a wrongful loss of Rs 1,266.63 crore to State Bank of India, Shahpura Branch, Bhopal.
Further inquiry showed that several companies, including AMG Group entities, Commercial Amplitude Private Limited, AMG Management Services Private Limited and other nominee/employee-held entities, though appearing in employees or relatives names, were actually controlled by Shrikant Bhasi. This was corroborated by statements of key managerial personnel associated with AOPL and AMG Group.
During search operations on August 1, 2025, ED seized property documents, agreement papers, digital evidence and communications related to these domestic assets. Earlier, on November 17, 2025, ED had attached nine foreign properties in Dubai, UAE, valued at Rs 51.70 crore. With these latest attachments, total assets seized in the case stand at approximately Rs 163.02 crore.
