The Enforcement Directorate (ED) has provisionally attached a prime property facing the Arabian Sea in Maharashtra’s Raigad district, valued at over Rs 60 crore. This action was taken by the ED’s Indore Zonal Office under the Prevention of Money Laundering Act (PMLA) as part of an investigation into a Rs 1,400-crore bank fraud involving S. Kumars Nationwide Limited (SKNL).
The property, situated near Alibaug in Murud, Raigad district, is suspected to have been purchased using funds allegedly diverted from loans obtained by SKNL from a group of banks. The ED’s probe revealed that Nitin Shambhukumar Kasliwal, former Chairman and Managing Director of SKNL, purportedly diverted loan funds through a complex network of interconnected entities and group companies controlled by him and his family members.
According to the ED, while SKNL was receiving significant credit facilities from banks, a considerable amount of the borrowed money was illicitly diverted through related entities instead of being used for legitimate business purposes. These funds were then funneled through multiple transactions to hide their source and ownership.
A portion of the diverted funds was traced to the acquisition of the sea-facing property in Murud. The ED has linked this asset directly to the “proceeds of crime” from the alleged bank fraud and has attached it in an effort to recover assets obtained from illegal funds. This recent attachment follows extensive searches conducted by the ED on December 23, 2025, where documents and evidence related to overseas assets held through offshore trusts and corporate structures were recovered.
