In a major crackdown on high-value economic offences, the Enforcement Directorate (ED) has provisionally attached a prestigious property located near Buckingham Palace in London, United Kingdom. The action is part of a massive Rs 1,400 crore bank fraud investigation involving former S Kumars Nationwide Limited chairman Nitin Shambhukumar Kasliwal and his family.
High-Value Asset Seized in London
The attached property, estimated to be worth approximately Rs 150 crore, is held under the beneficial ownership of businessman Nitin Kasliwal and his family members. The ED's Indore sub-zonal office issued the Provisional Attachment Order (PAO) on December 30, 2025, targeting this immovable asset. This move follows intensive searches conducted by the agency just a week prior, on December 23, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Complex Web of Offshore Trusts Unraveled
Investigators revealed that a detailed forensic analysis of seized digital devices and records exposed a sophisticated international network. Nitin Kasliwal had established a complex structure of trusts and companies across multiple offshore tax havens, including the British Virgin Islands (BVI), Jersey, and Switzerland.
The probe specifically identified a trust named Catherine Trust (formerly Surya Trust), with Kasliwal and his family as the primary beneficiaries. This trust controlled a Jersey and BVI-based company called 'Catherine Property Holding Limited (CPHL)'. It was through this layered offshore entity that the ownership of the high-value London property was held, effectively concealing its true beneficiaries.
The Rs 1,400 Crore Bank Fraud Scheme
The ED's statement outlined the core of the alleged financial crime. According to the agency, Kasliwal, through S Kumars Nationwide Limited, cheated a consortium of Indian banks of Rs 1,400 crore. The funds were allegedly diverted out of India under the guise of foreign investments. Subsequently, these diverted funds were used to acquire immovable assets abroad, like the London property, which were then hidden using the complex structure of private trusts and offshore companies.
The case is based on multiple First Information Reports (FIRs) filed by the banks. The recent attachment is a significant step in the agency's efforts to trace and seize the proceeds of crime in this large-scale fraud, demonstrating a continued crackdown on economic offenders who park illicit wealth overseas.
