Textile Tycoon’s Overseas Assets Frozen in Multi-Crore Money Laundering Case

The Enforcement Directorate has attached property worth Rs 150 crore near Buckingham Palace due to alleged bank fraud involving S Kumars Nationwide Ltd and its ex-CMD Nitin Kasliwal. Kasliwal is accused of defrauding Indian banks, diverting funds abroad, and acquiring assets through complex structures.

The Enforcement Directorate (ED) has taken a significant step in a high-profile money laundering case by freezing an immovable property worth Rs 150 crore near Buckingham Palace in London. The case is linked to alleged bank loan fraud by textile major S Kumars Nationwide Ltd and its former Chairman and Managing Director, Nitin Kasliwal.

On Wednesday, the ED announced that it issued a provisional order under the Prevention of Money Laundering Act to attach the asset, reportedly held under the beneficial ownership of Kasliwal and his family. Kasliwal allegedly defrauded a consortium of Indian banks of Rs 1,400 crore, hiding assets abroad through foreign investments.

According to investigators, Kasliwal set up a complex network involving trusts and shell companies in offshore tax havens, including the British Virgin Islands and Switzerland, to conceal the diversion of funds. Authorities have now contacted foreign agencies to secure these overseas properties under anti-money laundering laws.

(With inputs from agencies.)