ED Attaches ₹150 Crore London Property in Fraud Probe
The Enforcement Directorate (ED) has provisionally attached a high value residential property in London worth about ₹150 crore as part of an ongoing money laundering investigation. The property, located near Buckingham Palace, was attached under the provisions of the Prevention of Money Laundering Act (PMLA). The order was issued following evidence that the asset was acquired using proceeds of crime linked to a major bank loan fraud case.
Link to S Kumars bank fraud case
The attachment is connected to the probe against Nitin Shambhukumar Kasliwal, former chairman and managing director of textile firm S Kumars Nationwide Ltd. The ED alleges that Kasliwal and others cheated a consortium of Indian banks of around ₹1,400 crore by diverting loan funds meant for business operations. According to investigators, a portion of these funds was routed abroad through complex financial structures and offshore entities.
Use of offshore trusts and entities
The agency said the London property was held through an offshore company controlled by a trust in which Kasliwal and his family members were beneficiaries. The funds were allegedly moved through multiple jurisdictions before being used to purchase the overseas asset. The ED has also conducted searches in India and seized documents and electronic records linked to the case.
Further action underway
The ED is coordinating with foreign authorities to secure the attached property and is continuing its investigation into other overseas assets suspected to have been acquired through diverted funds.
