New Delhi, December 31, 2025: The Enforcement Directorate has provisionally attached an immovable property valued at ₹150 crore near Buckingham Palace in London as part of its probe into an alleged bank loan fraud and money laundering case involving textile major S Kumars Nationwide Ltd and its former chairman and managing director, Nitin Kasliwal.
In a statement issued on Wednesday, the federal agency said the attachment was carried out under the Prevention of Money Laundering Act (PMLA). The property, described as high-value real estate, is held under the beneficial ownership of Kasliwal and his family members.
According to the ED, Kasliwal is accused of cheating a consortium of Indian banks of nearly ₹1,400 crore. The agency alleged that the loan funds were siphoned off and routed abroad under the guise of foreign investments, following which they were used to acquire immovable assets overseas.
Officials said that once assets located outside India are attached, the ED coordinates with counterpart agencies in the respective countries to secure possession under the criminal provisions of the anti-money laundering law.
The probe agency further claimed that the diverted money was layered through a complex network of private trusts and shell companies based in offshore tax jurisdictions. Searches conducted in the case on December 23 resulted in the seizure of documents and electronic devices, which later provided key leads.
Investigations revealed that Kasliwal allegedly set up multiple entities across jurisdictions including the British Virgin Islands, Jersey and Switzerland. The ED said he established the Catherine Trust, earlier known as the Surya Trust, in which he and his family were primary beneficiaries.
This trust is alleged to have exercised control over Catherine Property Holding Limited, a company registered in Jersey and the British Virgin Islands, which ultimately owned the London property that has now been attached.
The enforcement agency said further investigation is underway to trace additional proceeds of crime and identify other assets linked to the alleged fraud.
