S Kumars Bank Fraud Case: ED Attaches Ex-CMD Nitin Kasliwal's Premium Arabian Sea-Facing Property Worth Over ₹60 Crore

Mumbai, June 10, 2026: The Enforcement Directorate (ED)'s Indore unit has provisionally attached a sea-facing property worth over Rs 60 crore in Murud, Raigad district, alleging that it was acquired using funds diverted from S Kumars Nationwide Ltd (SKNL) in an alleged Rs 1,400-crore bank fraud case, officials said on Wednesday.

Property Attached Under PMLA

The property, located near Alibaug and overlooking the Arabian Sea, has been attached under the Prevention of Money Laundering Act (PMLA). According to the ED, the asset is beneficially owned by Nitin Shambhukumar Kasliwal, former chairman and managing director of SKNL.

Background On SKNL And Alleged Fraud

SKNL, once a major player in India's textile and apparel sector with brands such as Reid & Taylor in its portfolio, had availed substantial credit facilities from a consortium of commercial banks. The ED's money-laundering investigation stems from allegations that funds borrowed by the company were diverted through a network of related entities, resulting in losses of around Rs 1,400 crore to the lending banks.

The agency alleged that Kasliwal, a textile industry veteran and former chief of SKNL, diverted and layered loan funds availed by SKNL from a consortium of banks through a network of interconnected entities and group companies controlled by him and his family members. According to investigators, the funds were routed for purposes other than those for which they were sanctioned, with a portion allegedly used to acquire the luxury sea-facing property in Murud.

ED Statement On Proceeds Of Crime

"The property has been identified as proceeds of crime generated through the alleged diversion of loan funds sanctioned to SKNL by various banks," the ED said in a statement. The money-laundering probe stems from allegations that credit facilities extended to SKNL by a consortium of banks were siphoned off through related entities controlled by former SKNL chief Nitin Kasliwal instead of being utilised for legitimate business purposes.

Previous ED Actions And Overseas Assets

In December last year, the ED conducted searches under the PMLA and claimed to have unearthed evidence relating to overseas assets held through offshore trusts and company structures. Based on material gathered during the searches, the agency attached a property near Buckingham Palace in London valued at approximately Rs 119.55 crore.

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Total Assets Attached And Ongoing Investigation

With the latest attachment, the total value of assets attached in the case has risen to around Rs 179.55 crore. Further investigation is underway to trace additional proceeds of crime and identify other assets allegedly acquired through the diversion of bank funds.

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