ED Attaches ₹60 Crore Arabian Sea-Facing Property

Indore-Mumbai-New Delhi : In a major development in the ongoing investigation into the alleged ₹1,400 crore bank fraud involving M/s S. Kumars Nationwide Limited (SKNL), the Directorate of Enforcement (ED), Indore Sub-Zonal Office, has provisionally attached a high-value Arabian Sea-facing property located near Alibaug in Murud, Raigad district of Maharashtra. The property, which enjoys a prime coastal location overlooking the Arabian Sea, is estimated to have a current market value exceeding ₹60 crore.

The attachment has been carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of ED’s efforts to trace and recover assets allegedly acquired using proceeds generated from large-scale financial fraud committed against a consortium of Indian banks.

Luxury Coastal Property Linked to Fraud Proceeds

According to the Enforcement Directorate, investigations have revealed that Nitin Shambhukumar Kasliwal, former Chairman and Managing Director of SKNL, allegedly used a complex network of interconnected companies, associate entities and family-controlled business structures to divert and layer funds obtained through bank loans.

The probe suggests that substantial credit facilities sanctioned to SKNL by a consortium of banks were diverted through various related entities rather than being utilized for legitimate business purposes. Investigators claim that a portion of these diverted funds was eventually used to acquire the luxury sea-facing property in Raigad district.

Based on the financial trail established during the investigation, the ED concluded that the property represented proceeds of crime and therefore qualified for attachment under anti-money laundering laws.

How the Alleged Fraud Was Executed

Investigators have alleged that SKNL obtained large-scale financial assistance from multiple banks over a period of time. However, instead of deploying the funds for business operations, a significant portion of the money was allegedly routed through a web of group companies and shell entities.

The ED’s investigation indicates that these transactions were designed to conceal the true origin and destination of the funds. Through a series of financial transfers, the money was allegedly layered and integrated into various investments and assets, making it difficult to identify the original source.

Officials believe that the sea-facing property near Alibaug was one such asset acquired through this process of diversion and laundering.

Prime Real Estate Under Scanner

The attached property is located in the highly sought-after coastal belt near Alibaug, a region often referred to as the “Hamptons of Mumbai” because of its popularity among high-net-worth individuals, industrialists and celebrities.

Real estate values in the area have witnessed significant appreciation in recent years due to increasing demand for luxury villas and beachfront properties.

Investigators say the property’s current market value exceeds ₹60 crore, making it one of the most significant domestic assets attached in the case so far.

Earlier Attachment of London Property

The latest attachment follows a major action taken by the ED in December 2025 when searches conducted under Section 17 of the PMLA uncovered evidence related to overseas assets allegedly controlled through offshore trusts and corporate structures.

During that phase of the investigation, ED officials identified a prestigious property located near Buckingham Palace in London, United Kingdom, allegedly linked to the accused.

Subsequently, the agency provisionally attached the London property, which was valued at approximately ₹119.55 crore.

The discovery of foreign assets significantly expanded the scope of the investigation, indicating that funds allegedly diverted from Indian banks may have been invested in high-value international properties.

Total Attachments Reach Nearly ₹180 Crore

With the attachment of the Arabian Sea-facing property in Maharashtra, the total value of assets attached by the Enforcement Directorate in the SKNL fraud case has now reached approximately ₹179.55 crore.

Officials believe that additional assets linked to the alleged proceeds of crime may still remain concealed within complex domestic and international ownership structures.

The agency is continuing efforts to identify and trace further movable and immovable assets connected to the case.

Network of Group Companies Under Investigation

The investigation has focused heavily on the role of multiple entities allegedly controlled by Nitin Kasliwal and his family members.

According to ED findings, these companies were allegedly used to facilitate the movement of funds across numerous accounts and jurisdictions.

Investigators are examining:

• Financial transactions between related entities.
• Acquisition of high-value domestic properties.
• Overseas investments and trust structures.
• Corporate records and ownership documents.
• Banking trails linked to diverted loan funds.

The agency believes that these interconnected entities played a crucial role in disguising the movement of money obtained through bank borrowings.

Impact on Banking Sector

The SKNL case is considered one of the significant corporate banking fraud investigations undertaken by central agencies in recent years.

The alleged fraud reportedly caused losses of approximately ₹1,400 crore to a consortium of Indian banks.

Financial institutions had extended substantial credit facilities to SKNL, expecting repayment through the company’s business operations. However, investigators allege that funds were siphoned away through related-party transactions and ultimately diverted into private assets and investments.

The case has become part of broader efforts by Indian authorities to strengthen accountability in the banking sector and recover public money lost through financial fraud.

Focus on Money Laundering Angle

While the original case relates to alleged bank fraud, the Enforcement Directorate’s role centers on examining how the proceeds generated from the alleged fraud were subsequently handled.

Under the PMLA framework, authorities investigate whether illegally obtained funds were:

• Concealed through complex transactions.
• Layered across multiple accounts.
• Integrated into legitimate-looking investments.
• Converted into luxury assets and properties.

The attachment of both domestic and overseas properties indicates that investigators believe the alleged proceeds of crime were systematically invested in high-value real estate assets.

Offshore Structures Under Scrutiny

One of the notable aspects of the investigation has been the alleged use of offshore trusts and foreign corporate structures.

Officials say evidence recovered during earlier searches suggested the existence of international holding arrangements that may have been utilized to manage overseas assets.

Such structures often require extensive coordination between Indian authorities and foreign jurisdictions to establish ownership and financial linkages.

The ED is reportedly examining whether additional international properties or investments were acquired using diverted funds.

Investigation Continues

The Enforcement Directorate has stated that the investigation remains active and that efforts are underway to identify further assets derived from the alleged fraud.

Authorities are continuing to analyze banking records, property documents, corporate filings and international financial transactions to determine the full extent of the alleged money laundering network.

Officials have indicated that further attachments and legal actions may follow if additional proceeds of crime are identified during the course of the investigation.

Major Milestone in Asset Recovery Efforts

The attachment of a luxury Arabian Sea-facing property worth over ₹60 crore marks another significant milestone in the ED’s ongoing efforts to trace and secure assets linked to one of the country’s major bank fraud investigations.

With total attachments now approaching ₹180 crore, investigators continue to pursue domestic and international asset trails in an effort to recover funds allegedly siphoned from the banking system and bring all involved parties under the ambit of the law.

The case remains under detailed investigation, with authorities expected to continue scrutinizing financial transactions, ownership structures and asset acquisitions connected to the alleged ₹1,400 crore SKNL bank fraud.