ED Attaches ₹150-Crore London Property Linked to S. Kumars Ex-Chief in ₹1,400-Crore Bank Fraud Case

The Enforcement Directorate (ED) has provisionally attached a high-value property worth around ₹150 crore in central London, near Buckingham Palace, in connection with an alleged ₹1,400-crore bank fraud involving former textile baron Nitin Shambhukumar Kasliwal, officials said on Wednesday, December 31, 2025.

Kasliwal is the former chairman and managing director of S. Kumars Nationwide Limited, once a major name in India’s textile industry. He is accused of cheating a consortium of Indian banks, according to multiple FIRs registered in the case.

Overseas Asset Traced Through Offshore Network

In an official statement, the ED said the London property is held under the “beneficial ownership” of Kasliwal and his family members, though it was masked through a layered network of offshore entities and trusts.

Investigators allege that Kasliwal created a complex web of companies and trusts across several offshore financial jurisdictions, including the British Virgin Islands (BVI), Jersey in the English Channel, and Switzerland, to conceal ownership of overseas assets and launder proceeds of crime.

Trust and Shell Companies Used to Hide Ownership

According to the agency, the probe revealed that Kasliwal had set up a private trust called Catherine Trust, earlier known as Surya Trust, in which he and his family were the main beneficiaries. This trust, the ED said, exercised control over a company named Catherine Property Holding Limited (CPHL), registered in Jersey and the British Virgin Islands.

CPHL, in turn, held the title to the prime London real estate now under attachment.

“The structure was deliberately designed to obscure the trail of funds and the true ownership of the asset,” the ED said, adding that such arrangements are commonly used to evade regulatory scrutiny and delay enforcement action.

Alleged Diversion of Bank Funds Abroad

The central agency has accused Kasliwal and S. Kumars Nationwide Limited of siphoning off loan funds obtained from Indian banks and routing them overseas under the pretext of foreign investments. These funds were allegedly used to acquire immovable properties abroad, which were then hidden behind trusts and shell companies in foreign jurisdictions.

The ED’s action forms part of a broader money-laundering investigation under the Prevention of Money Laundering Act (PMLA), linked to the scheduled offences registered by investigating agencies in India.

Wider Significance

Officials say the attachment highlights the increasing focus of Indian enforcement agencies on tracing and recovering overseas assets linked to economic offenders. High-value properties in global financial hubs such as London have frequently featured in probes involving fugitive or absconding businesspersons.

The provisional attachment order freezes the property, preventing its sale or transfer, while further legal proceedings continue. The ED said additional action would follow based on evidence gathered and cooperation sought from foreign jurisdictions.

Kasliwal has not publicly responded to the latest attachment order at the time of publication.