New Delhi, Dec 31 (PTI) The Enforcement Directorate has attached an immovable property worth Rs 150 crore near the Buckingham Palace in London in a case of alleged bank loan fraud linked to money laundering involving textile major S Kumars Nationwide Ltd and its ex CMD Nitin Kasliwal.

The federal probe agency said in a statement on Wednesday that a provisional order was issued under the Prevention of Money Laundering Act (PMLA) on Tuesday to attach the asset.

The “high-value” property valued at Rs 150 crore near the Buckingham Palace is held under the “beneficial ownership” of Nitin Shambhukumar Kasliwal and his family members, the Enforcement Directorate (ED) said.

Kasliwal is accused of defrauding a consortium of Indian banks to the tune of Rs 1,400 crore, it said.

After attaching assets located abroad, the ED approaches its counterpart agencies in that country to take possession of such properties under the criminal provisions of the anti-money laundering law.

The agency alleged that Kasliwal, through S Kumars Nationwide Ltd, cheated the consortium of banks and “diverted” the funds outside India in the guise of foreign investments and subsequently acquired immovable assets abroad, which were “concealed” through a complex structure of private trusts and companies in foreign jurisdictions.

The ED conducted raids in this case on December 23 and seized some documents and devices.

“A detailed analysis of the said material revealed that Nitin Kasliwal established a complex network of trusts and companies in multiple offshore tax havens, including the British Virgin Islands, Jersey, and Switzerland.

“The investigation found that Nitin Kasliwal set up the Catherine Trust (formerly Surya Trust) in which he and his family members were the primary beneficiaries,” the agency said.

This trust “controlled” a company based in Jersey and British Virgin Islands named Catherine Property Holding Limited (CPHL), which, in turn, held ownership of the immovable property in London that has been attached, it said. PTI NES ARI ARI

Property attachment near Buckingham Palace linked to alleged bank loan fraud and money laundering involving S Kumars Nationwide. A provisional PMLA attachment was issued for a London immovable property valued at Rs 150 crore, held in the beneficial ownership of Nitin Kasliwal and family, based on allegations that Kasliwal diverted bank consortium funds of about Rs 1,400 crore abroad and concealed assets through a network of offshore trusts and companies, including the Catherine Trust and Catherine Property Holding Limited; the ED conducted raids, seized material, and will seek cooperation from foreign agencies to take possession.