Indore (Madhya Pradesh): In a case involving alleged fraud of around Rs 1,400 crore against a consortium of Indian banks, Directorate of Enforcement (ED) has provisionally attached a high-value overseas property worth Rs 150 crore belonging to Nitin Shambhu kumar Kasliwal, former chairman and managing director of M/s SKumars Nationwide Ltd.
ED informed about action on Wednesday. Attachment was carried out on Tuesday, following issuance of a Provisional Attachment Order on December 30 by ED’s Indore Sub-Zonal Office.
Property is located in a prime area of London, United Kingdom, near Buckingham Palace. ED said immovable asset is held under beneficial ownership of Nitin Kasliwal and his family members. He is accused of defrauding a consortium of banks to tune of Rs 1,400 crore, as per multiple FIRs.
During investigation, ED conducted searches under Section 17 of PMLA, 2002, on December 23, and seized incriminating documents along with digital devices. Detailed analysis revealed that Kasliwal created a complex web of trusts and companies across offshore tax havens, including British Virgin Islands, Jersey and Switzerland.
Probe found that a trust named M/s Catherine Trust (earlier M/s Surya Trust) was set up, with Kasliwal and his family as primary beneficiaries. Trust controlled companies based in Jersey and British Virgin Islands, including M/s Catherine Property Holding Limited (CPHL), which held ownership of London property.
ED stated that through S. Kumars Nationwide Ltd, Kasliwal cheated banks of Rs 1,400 crore and diverted funds abroad in guise of foreign investments. Money was allegedly used to acquire overseas immovable assets, concealed through layered structures of private trusts and foreign companies. Further investigation is in progress.
