The Enforcement Directorate (ED) has attached an Arabian Sea-facing property worth more than Rs 60 crore in Maharashtra’s Raigad district as part of its investigation into the alleged Rs 1,400-crore bank fraud involving textile firm S. Kumars Nationwide Ltd (SKNL).
The property, located in Murud near Alibaug, was provisionally attached under the Prevention of Money Laundering Act (PMLA), with investigators alleging that it was acquired using funds siphoned off from bank loans extended to SKNL.
According to the ED, its probe found that Nitin Shambhukumar Kasliwal, former chairman and managing director of SKNL, allegedly diverted loan funds through a web of interconnected companies and entities controlled by him and his family members. The agency claims the funds were layered through multiple transactions before being used to acquire the luxury seafront property.
SKNL had availed substantial credit facilities from a consortium of banks. The ED alleges that a portion of these funds was diverted instead of being used for legitimate business purposes, resulting in losses to lending institutions.
Investigators said the Murud property was identified as a direct asset created from the proceeds of crime generated through the alleged fraud. The current market value of the property is estimated to exceed Rs 60 crore.
The attachment is the latest in a series of actions taken by the agency in the case. In December 2025, the ED conducted searches under the PMLA and claimed to have uncovered evidence of overseas assets held through offshore trusts and corporate structures.
Based on those findings, the agency had earlier attached a high-value property near Buckingham Palace in London, valued at approximately Rs 119.55 crore.
The ED said investigations are continuing to trace additional assets and identify further proceeds of crime allegedly generated through the fraud on the consortium of banks.
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Published By:
Nitish Singh
Published On:
Jun 11, 2026 04:10 IST
