The Directorate of Enforcement (ED) has provisionally attached a prime Arabian Sea-facing property in Murud, Raigad district, Maharashtra, valued at over ₹60 crore, in connection with the alleged ₹1,400-crore bank fraud involving textile conglomerate S. Kumars Nationwide Limited (SKNL). The attachment was executed by the ED's Indore Zonal Office under the Prevention of Money Laundering Act (PMLA), according to an official statement issued on Wednesday, 10 June.

The Property and Its Alleged Links to Fraud

The attached asset is located near Alibaug in Murud, Raigad, and investigators allege it was acquired using funds siphoned from loans obtained by SKNL from a consortium of banks. The ED has classified the property as directly linked to 'proceeds of crime' generated through the alleged fraud, making it liable for attachment under PMLA provisions.

Investigators allege that Nitin Shambhukumar Kasliwal, former Chairman and Managing Director of SKNL, diverted and layered borrowed funds through a complex web of interconnected entities and group companies controlled by him and his family members. A significant portion of the credit facilities availed from the bank consortium was allegedly routed through related entities rather than deployed for legitimate business operations.

How the Money Was Allegedly Moved

According to the ED, the diverted funds were passed through multiple layers of transactions designed to obscure their origin and ownership — a classic money-laundering structure. Part of this allegedly laundered money was ultimately used to acquire the Murud property, the agency said. The multi-layered routing through group companies is consistent with patterns the ED has flagged in several other large corporate fraud investigations in recent years.

Earlier Searches and the London Attachment

The current attachment follows extensive searches conducted on 23 December 2025, during which the ED recovered documents and evidence relating to overseas assets allegedly held through offshore trusts and corporate structures. Acting on material seized in those searches, the agency had previously attached a high-value property near Buckingham Palace in London, estimated at approximately ₹119.55 crore.

With the latest Raigad attachment, the total assets attached in the SKNL case now stand at ₹179.55 crore, according to the agency. The cross-border dimension — spanning domestic real estate and a London property — signals the scale and geographic spread of the alleged diversion.

What Comes Next

Provisional attachments under PMLA are subject to confirmation by the Adjudicating Authority, which must be approached within a stipulated timeframe. The broader SKNL investigation remains ongoing, and further attachments cannot be ruled out given the agency's stated focus on recovering all assets linked to the alleged proceeds of crime. The case adds to a growing list of high-profile textile-sector fraud probes where enforcement agencies have pursued both domestic and offshore asset recovery.