Directorate of Enforcement (ED), Bhopal Zonal Office has provisionally attached movable properties worth approximately Rs. 3.01 Crore belonging to Anil Kumar Jain, former AGM, SBI, LHO Bhopal, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 on 10.06.2026.
ED initiated investigation on the basis of FIR registered by the Central Bureau of Investigation, ACB, Bhopal, under Section 13(2) read with Section 13(1)(b) of the Prevention of Corruption Act, 1988 (as amended in 2018) against Anil Kumar Jain for possession of assets disproportionate to his known sources of income.
ED investigation revealed that during the check period from 01.04.2017 to 31.12.2018, Anil Kumar Jain amassed assets of Rs. 3.01 Crore (about 481% in excess of his known lawful income) which were grossly disproportionate to his known sources of income.
During investigation, it was found that Anil Kumar Jain had made huge cash deposits to the tune of Rs. 2.35 crores in his and his family members bank accounts on the pretext of sale of immovable properties for which no evidence was produced by him. Investigation under PMLA further revealed that the said cash deposits were converted into fixed deposits to generate further proceeds of crime. Shri Anil Kumar Jain failed to furnish any credible explanation, justified source or supporting documentary evidence regarding the cash deposits. Apart from above cash deposits, FDRs to the tune of Rs 0.66 crore were also amassed by the accused in the form of Disproportionate Assets.
Investigation under PMLA further revealed that Shri Anil Kumar Jain, in connivance with hawala operators including Chartered Accountant, attempted to channel his illicit income in order to showcase it as legitimate income. This was done under the pretext of sale of immovable properties to one M/s Excellent Infrabuild Pvt. Ltd., a shell entity with no genuine business activity. Anil Kumar Jain claimed that the consideration for such purported transactions was received in cash from the Directors of the said entity, including Akhilesh Choudhary, who acted as a dummy Director.
Accordingly, ED has provisionally attached fixed deposits worth approximately Rs. 3.01 Crore, being direct Proceeds of Crime under Section 5(1) of the PMLA, 2002, to prevent their concealment, transfer or disposal and to secure the Proceeds of Crime for confiscation proceedings.
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