Mumbai, June 10 (IANS) The Directorate of Enforcement (ED) has provisionally attached a prime Arabian Sea-facing property in Maharashtra’s Raigad district, valued at more than Rs 60 crore.
The attachment was carried out by the ED’s Indore Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA) as part of its ongoing probe into the alleged Rs 1,400-crore bank fraud involving S. Kumars Nationwide Limited (SKNL), an official statement said on Wednesday.
The property, located near Alibaug in Murud, Raigad district, is believed to have been acquired using funds allegedly siphoned off from loans obtained by SKNL from a consortium of banks.
According to the agency, its investigation has revealed that Nitin Shambhukumar Kasliwal, former Chairman and Managing Director of SKNL, allegedly diverted and layered loan funds through a complex network of interconnected entities and group companies controlled by him and his family members.
The ED alleged that while SKNL was availing substantial credit facilities from a consortium of banks, a significant portion of the borrowed funds was fraudulently diverted through related entities instead of being used for legitimate business purposes. These funds were subsequently routed through multiple layers of transactions to conceal their origin and ownership.
Investigators found that part of the allegedly diverted money was ultimately utilised to acquire the sea-facing immovable property in Murud. The agency has identified the asset as being directly linked to the “proceeds of crime” generated through the alleged bank fraud and has attached it as part of efforts to recover assets acquired from illicit funds.
The latest attachment comes months after the ED carried out extensive searches on December 23, 2025. During those searches, the agency recovered documents and evidence relating to overseas assets allegedly held through offshore trusts and corporate structures.
Based on the material seized during the searches, the ED had earlier attached a high-value property near Buckingham Palace in London, estimated to be worth around Rs 119.55 crore. Total attachment in this case now stands at Rs 179.55 crore, so far.
–IANS
skp/
