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ED attaches property near Buckingham Palace in bank fraud case
ED said a provisional attachment order under PMLA was issued on Tuesday for “a high-value property valued at ₹150 crore near Buckingham Palace, London”
In a high profile attachment in London under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) said on Wednesday that it has attached a property worth ₹150 crore near the Buckingham Palace in London in a bank fraud probe against textile major S Kumars Nationwide Ltd.
S Kumars brand, which once defined premium clothing in India, went into liquidation in 2019. It is being investigated by the Central Bureau of Investigation (CBI) as well.
The anti-money laundering agency said in a statement that a provisional attachment order under PMLA was issued on Tuesday for “a high-value property valued at ₹150 crore near Buckingham Palace, London”.
“The property is being held under the beneficial ownership of Nitin Shambhukmar Kasliwal and his family members. Nitin Kasliwal, former CMD of S Kumars Nationwide Limited of SKNL, is accused of defrauding a consortium of Indian banks to the tune of ₹1,400 crore (approximately) as per multiple First Information Reports (FIRs),” ED said.
When contacted, Kasliwal told HT: “We have no property in London”.
CBI had registered two separate FIRs in 2021 and 2022 on the complaint of Union Bank of India and IDBI Bank (lead bank in a consortium of banks) for cheating allegations worth ₹160 crore and ₹1,245 crore, respectively, against the company and promoters/directors.
The agency had conducted searches in the case on December 23 and seized some documents and devices.
Earlier, in its probe against fugitive diamantaire Nirav Modi, ED had attached a flat in London worth ₹57 crore.
It has also attached properties of various accused persons including Vijay Mallya, Nirav Modi, Mehul Choksi, and in other cases in countries like the US, UK, France, Spain, etc.
Overall, the federal agency has till date attached assets worth over ₹1.70 lakh crore since 2005.
