Bank fraud case: ED attaches Rs 150 crore worth property near Buckingham Palace in London
Former textile baron Kasliwal is accused of defrauding a consortium of Indian banks of Rs 1,400 crore
New Delhi, Updated At : 07:43 AM Jan 01, 2026 IST
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The Enforcement Directorate has attached a high-value property located near Buckingham Palace in London, valued at around Rs 150 crore, in connection with a Rs 1,400-crore bank fraud case allegedly committed by former textile baron Nitin Shambhukumar Kasliwal, officials said on Tuesday.
The attachment order was issued on December 30 under the Prevention of Money Laundering Act. The property, situated in a prime area of the UK capital, is stated to be held under the beneficial ownership of Kasliwal and his family members.
Kasliwal is the former chairman and managing director of S Kumars Nationwide Limited and is accused of defrauding a consortium of Indian banks of approximately Rs 1,400 crore, as per multiple FIRs registered against him.
According to the ED, searches were conducted on December 23 under Section 17 of the PMLA, during which several incriminating documents and digital devices were seized.
"Analysis of the seized material revealed that Kasliwal had allegedly created a complex web of offshore trusts and companies across multiple tax havens, including the British Virgin Islands, Jersey and Switzerland," a senior officer said.
Investigators found that Kasliwal had set up a trust named Catherine Trust, earlier known as Surya Trust, in which he and his family members were the primary beneficiaries.
As per the agency, the trust controlled an offshore entity -- Catherine Property Holding Limited (CPHL) -- based in Jersey and the British Virgin Islands, which in turn held ownership of the London property.
The ED has alleged that funds siphoned off from Indian banks were routed abroad in the guise of foreign investments and subsequently used to acquire immovable assets outside India. These assets, the agency said, were concealed through layered ownership structures involving private trusts and offshore companies.
Further investigation in the case is currently underway, the agency added.
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