ED seizes Rs 60 cr property linked to Rs 1,400 cr bank fraud

Indore: The Indore unit of Enforcement Directorate (ED) has provisionally attached a prime, Arabian Sea-facing property in Murud near Alibaug, in Maharashtra. Valued at over Rs 60 crore, the luxury asset was seized under the Prevention of Money Laundering Act (PMLA) 2002, as part of an ongoing investigation into a Rs 1,400 crore bank fraud involving textile manufacturing firm M/s S Kumars Nationwide Limited (SKNL).

According to federal investigators, Nitin Shambhukumar Kasliwal, the former chairman and managing director of the textile company, systematically siphoned off substantial credit lines obtained from a consortium of Indian banks.

The siphoned money was allegedly routed through a complex maze of interconnected entities and shell companies controlled directly by Kasliwal and his family members. The ED established that these layered funds were ultimately used to acquire the seafront estate in Raigad district, classifying the real estate as a direct product of the proceeds of crime.

The crackdown follows earlier investigative breakthroughs by ED’s Indore sub-zonal office.

Raids conducted on Dec 23, 2025, exposed an alleged clandestine network of offshore trusts and corporate shells designed to mask overseas assets. Using the evidence collected during those searches, the agency had previously attached another high-value asset — a property near Buckingham Palace in London, UK, valued at about Rs 119.55 crore.

With this latest Alibaug attachment, the total value of aforesaid two assets seized in the SKNL case currently stands at Rs 179.5 crore. The ED stated that further investigations are actively underway to map the remainder of the money trail and identify additional domestic or global assets bought using the defrauded bank loans.