SKNL's ₹1,400 Crore Bank Fraud: Former CMD Nitin Kasliwal’s ₹150 Crore London Property Seized by ED

Moneylife Digital Team 31 December 2025

Economy & Nation

The directorate of enforcement (ED) has provisionally attached a high-value immovable property worth around ₹150 crore in London, located close to Buckingham Palace, in connection with its investigation into the alleged ₹1,400 crore bank fraud involving S Kumars Nationwide Ltd (SKNL). The property is held under the beneficial ownership of Nitin Shambhukumar Kasliwal, former chairman and managing director of S Kumars Nationwide and his family members. SKNL is one of the top-50 bank defaulters in the country, as per the information shared by the Union government in Parliament.

In a release, ED says its Indore sub-zonal office issued the attachment order 30 December 2025 under the Prevention of Money Laundering Act (PMLA), 2002.

Mr Kasliwal is accused of defrauding a consortium of Indian banks of about ₹1,400 crore, as per multiple first information reports (FIRs) registered against him. ED says the attachment marks a significant step in tracing and securing overseas assets allegedly acquired using proceeds of crime.

According to ED, its investigation revealed that Mr Kasliwal had created a complex web of offshore trusts and companies across multiple tax jurisdictions to conceal ownership of assets abroad. These included entities in the British Virgin Islands, Jersey and Switzerland.

The agency says Mr Kasliwal set up a private trust, Catherine Trust, earlier known as Surya Trust, in which he and his family members were the primary beneficiaries. This trust controlled offshore entities, including Catherine Property Holding Ltd, incorporated in Jersey and the British Virgin Islands. The London property was held through this layered structure, effectively masking its beneficial ownership, ED alleged.

ED claims that Mr Kasliwal, through S Kumars Nationwide, cheated the consortium of banks and diverted substantial funds outside India under the guise of foreign investments. These funds were allegedly used to acquire high-value immovable assets overseas which were then concealed through private trusts and shell companies in foreign jurisdictions.

As part of the probe, ED conducted searches under Section 17 of the PMLA on 23 December 2025, during which it seized incriminating documents and digital devices. A forensic analysis of the seized material is said to have helped establish the money trail linking the bank fraud to the acquisition of foreign assets.

The attachment of the London property is among the most high-profile overseas asset seizures in the case so far and signals the agency’s intent to pursue proceeds of crime beyond Indian borders.

ED says further investigation is under progress to identify additional assets, examine fund flows and determine the full extent of the alleged laundering of bank funds.

S Kumars Nationwide, once a prominent name in India’s textile sector, has been under investigation for several years following complaints from lenders over large-scale defaults and suspected diversion of funds.

In December 2023, holding a chartered account (CA), Shyam Malpani, who worked as an engagement partner (EP), responsible for professional misconduct and conflict of interest while conducting the statutory audit of SKNL for FY13-14, the national financial reporting authority (NFRA) barred the CA for five years and and imposed a penalty of ₹5 lakh.

In a letter on 9 September 2022, the central economic intelligence bureau (CEIB), working under the Union ministry of finance, shared information about irregularities committed by SKNL and its auditors. After preliminary examination, NFRA initiated suo motu investigations into the professional conduct of SMMP & Company and CA Malpani, the statutory auditors of SKNL for FY13-14. (Read: S Kumars' FY13-14 Auditor Barred for 5 Years, NFRA Slaps ₹5 Lakh Fine on CA Shyam Malpani for Serious Conflict of Interest During Audit )

Comments

User

universal93

7 months ago

Tax payers' money defrauded by a set of professional whom the people trusted should firstly be categorized a high crime and irrespective of the fine, let them do jail terms from 6 months to 1 year, no family, no 3 meals/day, no work, no celebrations and then they will realize what the value of freedom and democracy is. End of the day the finger is pointed to one person. I am sure that the bankers, civil administrators, tax departments are also involved. Find them and jail them.

vcjobster

7 months ago

UK is a safe haven for economic fugitives, money launderers, Islamic and Sikh extremists, fornicators and human traffickers. UK should be asked to extradite all these criminals of Indian origin back to India. Colonial UK drained India of all its wealth in the past, now as neo colonialism UK is depleting our people ‘s wealth. UK should be termed as an unfriendly country.

jayaraman6

Replied to vcjobster comment 7 months ago

Very well put. Completely agree

muralithedebonair

7 months ago

The money defrauded is of the order of Rs 1400 Crores and the property attached is of the order of Rs 150 Crores ! Ha ! Biggest joke for New Year 2026 !

sridharkvv

7 months ago

It's wate of time and money to take into custody or spending more money in maintaining them in jails. Simply seize the unaccounted assets once proven default and just thrown them out into streets.

loosegear3

7 months ago

Govt must amend fraud laws to make only 1 punishment irrespective of the amount involved in Financial frauds by entities like companies, LLPs, firms and proprieterships and that is upon conviction life imprisonment for life without any option for parole for any reason and medical treatment applicable only in prison without any option of admission to hospitals. 2 to 5 such convictions and rest will repair themselves. For those who runaway with money, their family members must be imprisoned as above with forfeiture of all properties and courts should be barred from intervention. Those who runaway with families govt must make arrangements with the govts of their countries of shelter to extradite and if that's not possible then help of "good samaritans" must be taken to kill them in accidents with no provable connection to GOI. This will straighten out the big corruptions and similar arrangements for politicians also later.

loosegear3

7 months ago

lkdham2013

7 months ago

facts of Bank supervision, concurrent auditors is serious account for mis reporting...when money loan was disbursed, each and every entery of withdrawal is taken care...what is culprit..a tool got allowed to withdraw money to other sources..

Meenal Mamdani

7 months ago

It is good to see the ED going after real culprits and recovering some of their ill-gotten gains.

It seems that when the ED is allowed to do its real work, instead of being used by the govt in power to harass and intimidate individuals and entities that have fallen afoul of the ruling govt, then it can do work that benefits the Indian citizens.