The Enforcement Directorate (ED) has taken significant action by attaching a property facing the Arabian Sea in Maharashtra’s Raigad district, valued at over Rs 60 crore. This measure is part of the ongoing investigation into an alleged bank fraud involving the textile company S. Kumars Nationwide Ltd (SKNL), reported to be worth Rs 1,400 crore. The property, located in Murud near Alibaug, was provisionally attached under the Prevention of Money Laundering Act (PMLA).

Investigators assert that the property was acquired using funds that were reportedly siphoned off from bank loans extended to SKNL. The ED’s inquiries suggest a complex scheme allegedly orchestrated by Nitin Shambhukumar Kasliwal, the former chairman and managing director of SKNL. It is claimed that he diverted loan funds through a network of interconnected entities controlled by him and his family.

Allegations of Financial Misconduct

The ED alleges that significant sums from a consortium of banks, intended for legitimate business operations, were diverted. This diversion allegedly resulted in substantial losses to the lending financial institutions. Investigators have indicated that the Murud property is a direct asset linked to proceeds from the alleged fraudulent activities carried out by the company and its leadership.

According to the ED’s release, the current market valuation of the Murud property exceeds Rs 60 crore. The attachment of this asset marks the latest development in a series of actions prompted by the investigation into SKNL’s financial activities.

Previous actions taken by the ED include searches carried out in December 2025 as part of the same investigation, where the agency reportedly discovered evidence pointing to offshore assets held via corporate structures and trusts. These findings eventually led to the attachment of a luxury property near Buckingham Palace in London, appraised at around Rs 119.55 crore.

Continuing Investigations into Additional Fraudulent Activities

The ED has confirmed that its investigations continue as it seeks to trace additional assets that may be linked to the alleged fraudulent activities perpetrated against the consortium of banks. Investigators are actively working to identify further proceeds of crime that might have been generated as a result of these purported financial misdeeds.

As the case unfolds, the ED’s actions highlight the ongoing efforts to address financial crime and uphold the rule of law in India’s banking sector. The agency’s focus on tracing the origins and flow of funds indicates a broader strategy to combat money laundering and safeguard economic integrity.

The attachment of the Murud property serves as a reminder of the complexities involved in financial fraud cases, particularly those that encompass high-value properties and extensive financial networks. The investigation by the ED reflects a systematic approach to tackling such issues and aims to deter future occurrences within the banking industry.

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