The Enforcement Directorate’s Sub-Zonal Office has taken action by issuing a Provisional Attachment Order on December 30, 2025, freezing a high-value property in London’s Buckingham Palace area. Valued at around Rs. 150 crore, the property is linked to Nitin Shambhkumar Kasliwal, the former Chairman of M/s S Kumars Nationwide Limited, and his family members.
Investigations reveal that Kasliwal is accused of defrauding Indian banks of over Rs. 1,400 crore through various FIRs. The ED, under the Prevention of Money Laundering Act (PMLA), conducted searches on December 23-24, 2025, recovering incriminating evidence and digital devices.
Nitin Kasliwal is found to have established a complex network of trusts and companies in offshore tax havens like the British Virgin Islands, Jersey, and Switzerland. One significant entity identified is the M/s Catherine Trust, where Kasliwal and his family are primary beneficiaries, controlling a Jersey-based company that owns the London property.
The investigation uncovers that Kasliwal funneled funds out of India as foreign investments, acquiring hidden assets through private trusts and companies in foreign jurisdictions. This move was aimed at evading detection and parking illicit wealth overseas. The attachment of the London property marks a crucial step in tracking and blocking benami assets held abroad by economic offenders.
Further inquiries are ongoing to uncover more properties and trace the complete money trail. This development is part of a broader effort by Indian authorities to combat the concealment of assets abroad through complex structures, shedding light on vulnerabilities in international financial transactions and the misuse of tax havens in money laundering schemes.
