SKNL’s ₹1,400 Crore Bank Fraud: ED Attaches ₹60 Crore Sea-facing Raigad Property Linked to Former CMD Nitin Kasliwal
Moneylife Digital Team 11 June 2026
The directorate of enforcement (ED) has provisionally attached an Arabian Sea-facing immovable property in Murud, Raigad district of Maharashtra, with a current market value of more than ₹60 crore, in connection with its ongoing investigation into the alleged ₹1,400 crore bank fraud involving Nitin Shambhukumar Kasliwal and S Kumars Nationwide Ltd (SKNL).
 
The attachment was carried out by the Indore zonal office of the ED under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
 
According to the agency, the investigation has revealed that Mr Kasliwal, former chairman and managing director (CMD) of SKNL, allegedly utilised 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.
 
ED said the diverted funds were ultimately used to acquire the sea-facing luxury property located near Alibaug in Murud. The property was found to be directly derived from the proceeds of crime generated through the alleged bank fraud.
 
Investigators have alleged that loan funds disbursed by multiple banks to SKNL were diverted through related entities controlled by Mr Kasliwal. A portion of these funds was allegedly routed towards the purchase of the high-value coastal property.
 
The latest attachment comes months after the agency conducted searches under Section 17 of the PMLA on 23 December 2025. During those searches, ED officials reportedly uncovered evidence relating to overseas assets held through offshore trusts and corporate structures.
 
Based on material gathered during the investigation, ED had earlier attached a high-value property situated near Buckingham Palace in London, valued at about ₹119.55 crore. (Read: SKNL's ₹1,400 Crore Bank Fraud: Former CMD Nitin Kasliwal’s ₹150 Crore London Property Seized by ED)
 
The agency said its probe has established a trail linking bank loan funds availed by SKNL to assets acquired through a web of related entities. The attachment of the Raigad property forms part of efforts to identify and secure assets allegedly acquired from diverted bank funds.
 
ED said further investigation is underway to trace additional proceeds of crime and identify other assets allegedly generated through the fraud perpetrated on the consortium of lending banks.
 
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