ED Attaches ₹150-Crore London Property Linked to S Kumars Bank Fraud Case
Indore: The Enforcement Directorate (ED), Indore Sub-Zonal Office, has provisionally attached a high-value overseas asset worth around ₹150 crore, located in a prime area of London near Buckingham Palace, in connection with a major bank fraud case involving former textile baron Nitin Shambhukumar Kasliwal.
The Provisional Attachment Order was issued on December 30, 2025, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. According to the ED, the property is beneficially owned by Kasliwal, the former Chairman and Managing Director of M/s S. Kumars Nationwide Limited, along with his family members.
The attachment forms part of an ongoing money laundering investigation into allegations that Kasliwal and others defrauded a consortium of Indian banks of approximately ₹1,400 crore. Investigators allege that the proceeds of crime were siphoned off and parked in high-value domestic and overseas assets, including the London property now under attachment.
Officials said the move reflects the agency’s focus on tracing and attaching proceeds of crime beyond India’s borders, particularly in cases involving large-scale financial frauds by influential corporate figures. Further investigations are underway to identify additional assets and to pursue legal action for confirmation of the attachment and eventual confiscation under the law.
