Bhopal, June 11, 2026
The Directorate of Enforcement (ED), Bhopal Zonal Office, has provisionally attached movable properties worth approximately Rs 3.01 crore belonging to Anil Kumar Jain, former Assistant General Manager (AGM) of the State Bank of India (SBI), who was posted at the Local Head Office (LHO), Bhopal.
The attachment was made under the Prevention of Money Laundering Act (PMLA), 2002, on June 10, 2026, an ED statement issued on Thursday said.
The action stems from a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), Anti-Corruption Bureau (ACB), Bhopal, against Jain under Section 13(2), read with Section 13(1)(b), of the Prevention of Corruption Act, 1988.
The CBI case pertains to Jain allegedly possessing assets disproportionate to his known sources of income, it said.
The ED’s investigation revealed that during the check period from April 1, 2017, to December 31, 2018, Anil Kumar Jain amassed assets worth Rs 3.01 crore — approximately 481 per cent in excess of his known lawful income.
A major portion of these assets came from unexplained cash deposits totalling Rs 2.35 crore made into bank accounts held by Jain and his family members.
Jain claimed these deposits resulted from the sale of immovable properties but failed to produce any supporting evidence or documentation.
Further investigation showed that these cash deposits were converted into fixed deposits (FDs), generating additional proceeds of crime. The ED also identified fixed deposits worth Rs 0.66 crore amassed as part of the disproportionate assets. Jain could not provide any credible explanation, justified source or documentary proof for the origin of these funds, the agency said.
The investigation under the PMLA further exposed Jain’s alleged connivance with hawala operators, including a chartered accountant, to legitimise his illicit income. This was allegedly attempted through the purported sale of immovable properties to M/s Excellent Infrabuild Pvt. Ltd., identified as a shell entity with no genuine business activity.
Jain claimed to have received cash consideration from the company’s directors, including Akhilesh Choudhary, who reportedly acted as a dummy director.
To prevent the concealment, transfer or disposal of these assets, the ED has provisionally attached fixed deposits worth Rs 3.01 crore, treating them as direct proceeds of crime under the provisions of the PMLA. The attached properties will be secured for eventual confiscation proceedings.(Agency)
FOLLOW NOW
