New Delhi, Dec 31 (UNI) The Enforcement Directorate (ED), Indore Sub-Zonal Office, said on Wednesday that it has attached a high-value property worth Rs 150 crore located in a prime area of London, near Buckingham Palace.
The immovable property is held under the beneficial ownership of Nitin Shambhukumar Kasliwal and his family members.
Nitin Shambhukumar Kasliwal, former chairman and managing director of S. Kumars Nationwide Limited, is accused of defrauding a consortium of Indian banks of approximately Rs 1,400 crore, according to multiple FIRs.
During the investigation, the ED conducted searches and seized various incriminating records along with digital devices.
A detailed analysis of the material revealed that Nitin Kasliwal had established a complex network of trusts and companies in multiple offshore tax havens, including the British Virgin Islands (BVI), Jersey, and Switzerland.
The investigation found that he had set up a trust named Catherine Trust (formerly M/s Surya Trust), with himself and his family members as primary beneficiaries. This trust controlled a company based in Jersey and the British Virgin Islands called ‘Catherine Property Holding Limited (CPHL)’, which in turn owned the high-value immovable property in London.
The ED investigation also revealed that Nitin Kasliwal, through S. Kumars Nationwide Limited, cheated the consortium of banks of around Rs 1,400 crore and diverted funds abroad under the guise of foreign investments. These funds were subsequently used to acquire immovable assets outside India, which were concealed through a complex structure of private trusts and companies in foreign jurisdictions.
Further investigation is ongoing.
