London: The Enforcement Directorate (ED) has attached a property worth around ₹150 crore near Buckingham Palace in London in a money laundering and bank loan fraud case involving textile major S Kumars Nationwide Limited and its former CMD Nitin Kasliwal.
The central probe agency said on Wednesday that the action was taken through provisional attachment orders issued under the Prevention of Money Laundering Act (PMLA). Kasliwal is accused of defrauding a consortium of Indian banks of nearly ₹1,400 crore.
According to the ED, Kasliwal siphoned off funds in the name of foreign investment and created a complex network of private trusts in tax haven jurisdictions such as the British Virgin Islands, Jersey and Switzerland to acquire overseas properties. The investigation revealed that the high-value London property was controlled through the ‘Catherine Trust’.
The agency had conducted searches in the case on December 23 and seized several crucial documents and digital devices. The ED said it is now coordinating with the concerned British authorities to take possession of the attached property.
