The Enforcement Directorate has seized a high-end property near Buckingham Palace in London in connection with a Rs 1,400-crore bank fraud case involving former S Kumars Nationwide chairman Nitin Kasliwal. | Photo credit:
The property, worth around Rs 150 crore, is held under the beneficial ownership of businessman Nitin Shambhukumar Kasliwal and his family members.
Kasliwal, former chairman and managing director of S Kumars Nationwide Limited, is accused of defrauding a consortium of Indian banks of Rs 1,400 crore, according to multiple First Information Reports.
The ED sub-zonal office in Indore issued the Provisional Attachment Order (PAO) on December 30, 2025 to attach the valuable property.
The move comes a week after the ED, during its investigation, conducted searches under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002, on December 23 and seized several incriminating documents and digital devices.
Officials in the ED said a detailed analysis of the seized material revealed that “Kasliwal had set up a complex network of trusts and companies in multiple offshore tax havens, including the British Virgin Islands (BVI), Jersey and Switzerland.”
“The investigation revealed that Nitin Kasliwal had set up a trust called Catherine Trust (formerly Surya Trust), in which he and his family members were the main beneficiaries. This trust controlled a company based in Jersey and the British Virgin Islands, ‘Catherine Property Holding Limited (CPHL)’, which in turn owned the said prime real estate in London,” the agency said in a statement.
During the course of investigation, ED has found that “Kasliwal, through S Kumars Nationwide Limited, defrauded the consortium of banks to the tune of Rs. 1,400 crore and also diverted the funds outside India under the guise of foreign investment and thereafter acquired immovable assets outside India which were hidden by a complex structure of private trusts and companies in foreign jurisdictions.”
Published on January 1, 2026
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