The Enforcement Directorate (ED) has issued a provisional attachment order related to a property worth ₹150 crore located in a prime area of London, near the Buckingham Palace.
The property is being held under the beneficial ownership of Nitin Shambhukumar Kasliwal and his family members. He is the former chairman and managing director of S. Kumars Nationwide Limited, and is accused of cheating a consortium of Indian banks to the tune of ₹1,400 crore as per multiple First Information Reports (FIRs), the agency said on Wednesday (December 31, 2025).
Mr. Kasliwal had established a complex network of trusts and companies in multiple offshore tax havens, including the British Virgin Islands, Jersey (a ‘self-governing’ island in the English Channel), and Switzerland, the ED alleged.
“The investigation uncovered that Nitin Kasliwal had set up a trust named Catherine Trust (formerly Surya Trust), in which he and his family members were the primary beneficiaries. This trust controlled a company based in Jersey and British Virgin Islands ‘Catherine Property Holding Limited (CPHL)’, which in turn held ownership of the said high-value immovable property in London,” the agency said.
Mr. Kasliwal, through S. Kumars Nationwide Limited, cheated the consortium of banks and also diverted the funds outside India in the guise of foreign investments, and thereafter acquired immovable assets outside India which were concealed via a complex structure of private trusts and companies in foreign jurisdictions, it is alleged.
Published – December 31, 2025 06:32 pm IST
