An immovable property worth Rs. 150 crore has been attached by the Enforcement Directorate (ED) in London. The property is located near Buckingham Palace. The move is related to a case of alleged bank loan fraud and money laundering by textile manufacturers S Kumars Nationwide Ltd and the firm's former CMD Nitin Kasliwal, NDTV reported.
The investigative agency has said that on Tuesday, in order to attach the asset, a provisional order was issued under the Prevention of Money Laundering Act (PMLA), in a statement.
Who owned this property?
A "high-value" property worth around Rs. 150 crore near Buckingham Palace is beneficially owned by Nitin Shambhukumar Kasliwal and his family, the ED said. Kasliwal is accused of cheating a group of Indian banks of about Rs. 1,400 crore, according to the agency.
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After attaching assets overseas, the ED contacts its counterpart agencies in the concerned country to take possession of those properties under the criminal provisions of the anti-money laundering law.
The allegations against Kasliwal
It has been alleged by the ED that Kasliwal cheated the group of banks, and the money was sent outside India, through S Kumars Nationwide Ltd. All this was done in the name of foreign investments, after which immovable properties were bought overseas and 'hidden' through a complex network of private trusts and companies in foreign countries, PTI reported. The investigative agency raided several places on December 23 in this respect. They have also seized some documents and devices.
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The Enforcement Directorate said, "A detailed analysis of the said material revealed that Nitin Kasliwal established a complex network of trusts and companies in multiple offshore tax havens, including the British Virgin Islands, Jersey, and Switzerland." They added, "The investigation found that Nitin Kasliwal set up the Catherine Trust (formerly Surya Trust) in which he and his family members were the primary beneficiaries."
The Catherine Trust administered a firm in Jersey and the British Virgin Islands called 'Catherine Property Holding Limited' (CPHL). This company had the ownership of the immovable property in London near Buckingham Palace, which was attached by the ED.
