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The Enforcement Directorate (ED) has attached an Arabian Sea-facing Maharashtra-based property having a current market value exceeding Rs 60 crore in connection with its ongoing Rs 1,400 crore S Kumars Nationwide Limited (SKNL) bank fraud investigation.
As per the federal agency, the property is based near Alibaug in Murud town of Maharashtra's Raigad district and is beneficially owned by Nitin Kasliwal, former Chairman and Managing Director of SKNL. ED's Indore sub-zonal officer attached the property under the provisions of the PMLA, 2002, following its investigation in the case, which revealed that Nitin Shambhukumar Kasliwal utilised a network of interconnected entities and group companies controlled by him and his family members for diversion and layering of funds during the period when the firm had availed substantial credit facilities from a consortium of banks. ED said the diverted funds from SKNL were ultimately utilised for the acquisition of the Arabian Sea-facing immovable property, which was accordingly found to be derived directly from Proceeds of Crime in the ongoing Rs 1,400 Crore SKNL bank fraud investigation. The ED investigation established that loan funds disbursed by various banks to SKNL were allegedly diverted through a network of related entities controlled by Nitin Kasliwal, with a portion of these funds ultimately being used to acquire the sea-facing luxury property near Alibaug. Earlier, ED had conducted searches under Section 17 of PMLA, 2002 on December 23, 2025, and unearthed evidence relating to overseas assets held through offshore trust and company structures. The ED had attached a high-value property situated near Buckingham Palace, London, United Kingdom, valued at approximately Rs 119.55 crore. Total attachment in this case stands at Rs 179.55 crore so far. The federal agency further stated that its investigation is underway to trace and identify additional Proceeds of Crime generated through the fraud perpetrated upon the consortium of banks. (ANI)
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