The Enforcement Directorate (ED) has issued a provisional attachment order relating to a property worth ₹150 crore located in a prime area of London near Buckingham Palace.
The property is beneficially owned by Nitin Shambhukumar Kasliwal and his family members. The agency said on Wednesday (December 31, 2025) that S. Kumars is the former chairman and managing director of Nationwide Limited and is accused of committing a ₹1,400 crore fraud with a consortium of Indian banks, according to multiple First Information Reports (FIRs).
The ED alleged that Mr Kasliwal had set up a complex network of trusts and companies in several offshore tax havens, including the British Virgin Islands, Jersey (a ‘self-governing’ island in the English Channel) and Switzerland.
“The investigation revealed that Nitin Kasliwal had set up a trust named Catherine Trust (formerly Surya Trust), of which he and his family members were the primary beneficiaries. This trust controlled ‘Catherine Property Holding Limited (CPHL),’ a company based in Jersey and the British Virgin Islands, which owned the said high-value real estate in London,” the agency said.
It is alleged that Mr. Kasliwal defrauded a consortium of banks through S. Kumars Nationwide Limited and transferred funds outside India in the guise of foreign investments, and thereafter acquired immovable assets outside India, which were concealed in foreign jurisdictions, through a complex structure of private trusts and companies.
published – December 31, 2025 at 06:32 pm IST