ED Attaches ₹60 Crore Sea-Facing Property In SKNL Bank Fraud Case
· Free Press Journal
Bhopal (Madhya Pradesh): The Enforcement Directorate (ED), Indore, has provisionally attached an Arabian Sea-facing property near Alibaug in Murud, Raigad, with a current market value exceeding Rs 60 crore under the provisions of the Prevention of Money Laundering Act (PMLA), officials said.
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The attachment is part of the ongoing investigation into the alleged Rs 1,400 crore bank fraud involving M/s S. Kumars Nationwide Limited (SKNL).
According to the ED, investigations revealed that Nitin Shambhu Kumar Kasliwal, former Chairman and Managing Director of SKNL, used a network of interconnected entities and group companies controlled by him and his family members to divert and layer funds during the period when the company had availed substantial credit facilities from a consortium of banks.
The agency found that the diverted funds were ultimately used to acquire the sea-facing property near Alibaug in Murud, Raigad. The property was therefore identified as being directly derived from the proceeds of crime.
The ED investigation further established that loan funds disbursed by various banks to SKNL were allegedly diverted through related entities controlled by Kasliwal, with a portion of the funds used to purchase the luxury property.
Earlier, on Dec 23, 2025, the ED conducted searches and unearthed evidence related to overseas assets allegedly held through offshore trust and company structures.
Based on material collected during the investigation, the ED, Indore, had also provisionally attached a high-value property near Buckingham Palace in London, United Kingdom, valued at approximately Rs 119.55 crore.
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