ED Attaches ₹150-Cr London Property Near Buckingham Palace In S Kumars Fraud Case

The high-value property, located close to Buckingham Palace, is held under the “beneficial ownership” of Nitin Shambhukumar Kasliwal and his family members, the ED said. A provisional attachment order was issued on Tuesday under the Prevention of Money Laundering Act (PMLA).

According to the agency, Kasliwal is accused of defrauding a consortium of Indian banks to the tune of ₹1,400 crore. After attaching assets located abroad, the ED has approached its counterpart agencies in the concerned country to take possession of the property under the criminal provisions of the anti-money laundering law.

The ED alleged that Kasliwal, through S Kumars Nationwide Ltd, cheated the consortium of banks and diverted funds outside India in the guise of foreign investments. The funds were allegedly used to acquire immovable assets abroad, which were concealed through a complex web of private trusts and companies across foreign jurisdictions.

The agency conducted searches in the case on December 23 and seized documents and electronic devices. A detailed analysis of the material revealed that Kasliwal had established a network of trusts and companies in offshore tax havens, including the British Virgin Islands, Jersey and Switzerland.

The investigation found that Kasliwal set up the Catherine Trust, formerly known as Surya Trust, in which he and his family members were the primary beneficiaries. The trust allegedly controlled a company based in Jersey and the British Virgin Islands, Catherine Property Holding Limited, which in turn held ownership of the London property that has now been attached, the ED said.