The Directorate of Enforcement (ED) has provisionally attached a high-value immovable property worth approximately ₹150 crore located in a prime area of London, United Kingdom, close to Buckingham Palace, in connection with a major bank fraud and money laundering probe linked to Nitin Shambhukumar Kasliwal, the former Chairman and Managing Director of S. Kumars Nationwide Limited.
The attachment order was issued on December 30, 2025, by the ED’s Indore Sub-Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. According to the agency, the London property is held under the beneficial ownership of Nitin Kasliwal and his family members, though it was concealed through a web of offshore entities and trusts.
Alleged ₹1,400-crore bank fraud
Nitin Kasliwal is accused of defrauding a consortium of Indian banks of around ₹1,400 crore, as alleged in multiple FIRs registered by investigative agencies. The ED’s probe focuses on the laundering of the proceeds of crime generated through the alleged loan fraud committed by S. Kumars Nationwide Limited, once a major name in India’s textile and apparel sector.
The agency has alleged that funds obtained from Indian banks were systematically siphoned off and diverted outside India under the guise of foreign investments. These funds were then allegedly used to acquire high-value immovable assets abroad, including the London property now under attachment.
Searches and seizure of incriminating material
As part of the investigation, the ED conducted searches under Section 17 of the PMLA on December 23, 2025, at multiple premises linked to the accused. During these searches, officials seized incriminating documents, financial records, and digital devices.
A detailed forensic and financial analysis of the seized material revealed what the ED described as a complex and layered structure of offshore trusts and companies created to conceal ownership and the illicit origin of funds.
Offshore trusts and shell companies
According to the ED, the investigation uncovered that Nitin Kasliwal had established a network of entities across several offshore tax jurisdictions, including the British Virgin Islands (BVI), Jersey, and Switzerland.
Central to this structure was a trust named M/s Catherine Trust (earlier known as M/s Surya Trust), in which Nitin Kasliwal and his family members were the primary beneficiaries. This trust controlled an overseas company, M/s Catherine Property Holding Limited (CPHL), incorporated in Jersey and the British Virgin Islands.
The ED said that CPHL ultimately held ownership of the London property, thereby masking the true beneficial ownership and insulating the asset from direct scrutiny by Indian authorities for several years.
Funds diversion and asset acquisition abroad
Investigators have alleged that Kasliwal, through S. Kumars Nationwide Limited, not only cheated the bank consortium of ₹1,400 crore but also diverted substantial portions of these funds abroad. The money was allegedly routed through multiple layers of transactions and jurisdictions, making detection difficult.
“These diverted funds were subsequently utilised to acquire immovable properties outside India, which were deliberately concealed through a complex maze of private trusts and foreign companies,” the ED said in a statement.
Further investigation underway
The agency has stressed that the provisional attachment of the London property is a significant step in securing proceeds of crime under the PMLA. Further investigation is currently underway to identify additional overseas assets, track remaining funds, and establish the full extent of the money laundering operation.
Officials indicated that more attachments and legal action could follow as the probe progresses. The ED is also pursuing international cooperation mechanisms to strengthen its case and enforce Indian court orders abroad.
The case underscores the growing focus of enforcement agencies on cross-border financial crimes and the use of offshore structures to conceal illicit wealth, as well as India’s intent to pursue economic offenders beyond its borders.
