S Kumars Nationwide Limited (SKNL) and its former Chairman and Managing Director Nitin Kasliwal are facing fresh enforcement action after the Enforcement Directorate (ED) attached a sea-facing house worth ₹60 crore in Maharashtra’s Murud town in connection with an alleged bank loan fraud and money laundering case.
Murud Property Attached Under PMLA
The attachment has been made under the provisions of the Prevention of Money Laundering Act (PMLA) as part of an ongoing probe into a ₹1,400 crore bank fraud case involving SKNL. According to the agency, the immovable property located near Alibaug in Raigad district was acquired using funds allegedly diverted from bank loans taken by the company.
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The ED stated that the “proceeds of crime” generated from the alleged fraud were layered through multiple entities before being used to purchase high-value real estate assets, including the Murud bungalow. Officials believe the property represents a portion of funds siphoned from credit facilities extended by a consortium of Indian banks to SKNL.
Investigators have alleged that the company’s former top management played a central role in diverting loan funds through a network of related entities and shell structures. These funds were allegedly routed and re-routed through interconnected companies controlled by the promoter family before being invested in domestic and overseas properties.
London Asset Already Attached
This is not the first major attachment in the case. Earlier, the ED had attached an immovable property worth approximately ₹119.55 crore located near Buckingham Palace in London, which was also alleged to have been purchased using diverted funds from the same bank fraud case.
Officials said that the latest action is part of a continuing effort to trace and secure assets believed to be linked to the alleged financial irregularities. The agency is attempting to map the entire flow of funds to determine how bank loans were allegedly misused and converted into personal and corporate assets.
The case against SKNL is based on allegations that the company defrauded a consortium of banks by obtaining large credit facilities and subsequently misusing the funds for purposes unrelated to sanctioned business activities. The total alleged fraud is estimated at ₹1,400 crore.
Layered Transactions Under Scanner
The ED has also alleged that layered transactions were used to obscure the origin of funds, making it difficult for financial institutions to track the movement of money. Such structures, according to investigators, are often used in money laundering operations to integrate illicit proceeds into legitimate financial channels.
The attachment of the Murud property is provisional in nature and will remain subject to further legal proceedings. Under PMLA provisions, such assets can be confiscated if investigators successfully establish that they were acquired using proceeds of crime.
Legal experts note that provisional attachments are a key enforcement tool used by agencies to prevent the dissipation or transfer of suspected illicit assets during the course of investigation. The final status of the property will depend on the outcome of adjudication proceedings under the Act.
Asset Trail Probe Continues
Meanwhile, the accused parties have denied wrongdoing in earlier proceedings, maintaining that all transactions were conducted within the framework of banking agreements. However, enforcement agencies continue to rely on financial records, transaction trails, and corporate structuring evidence to build their case.
The investigation remains ongoing, with authorities expected to examine additional properties, financial instruments, and offshore holdings linked to the accused. Further attachments or summonses cannot be ruled out as the probe expands.
The case has once again drawn attention to large-scale corporate lending frauds and the challenges faced by financial institutions in tracking end-use of borrowed funds. It also highlights the increasing use of asset tracing and cross-border enforcement mechanisms by Indian investigative agencies in money laundering cases.
With the latest attachment, the ED continues to intensify its crackdown on suspected proceeds of financial crimes, signaling that more properties and assets linked to the case may come under scrutiny in the coming months as the investigation progresses.
