**Enforcement Directorate Provisions High-Value Property Attachment in London**
The Enforcement Directorate (ED) has provisionally attached a luxury property valued at approximately Rs 150 crore, situated near Buckingham Palace in London. This action, announced in a press release on Wednesday, is part of an ongoing investigation into alleged bank fraud and money laundering linked to Nitin Shambhukumar Kasliwal, the former chairman and managing director of S Kumars Nationwide Limited, and his family.
The attachment occurred on Tuesday as part of a case where Kasliwal is accused of defrauding a consortium of Indian banks to the tune of around Rs 1,400 crore. The ED has registered multiple FIRs against him, highlighting the seriousness of the allegations.
The agency’s investigation revealed that Kasliwal had established a complex network of trusts and companies across various offshore tax havens, including the British Virgin Islands (BVI), Jersey, and Switzerland. Notably, the ED discovered a trust named Catherine Trust, previously known as Surya Trust, where Kasliwal and his family members are the primary beneficiaries. This trust controls a company based in Jersey and the BVI, which, in turn, holds ownership of the attached property in London.
The ED’s findings indicate that Kasliwal, through S Kumars Nationwide Limited, misappropriated funds from the banking consortium and diverted them outside India under the guise of foreign investments. Subsequently, he acquired immovable assets abroad, concealing these transactions through a complex structure of private trusts and companies in foreign jurisdictions.
In summary, the ED’s actions reflect a significant step in combating financial crimes and ensuring accountability among high-profile individuals involved in fraudulent activities.
**FAQ**
**What is the Enforcement Directorate’s role in financial fraud cases?**
The Enforcement Directorate is a law enforcement agency in India responsible for enforcing economic laws and combating financial crimes, including money laundering and bank fraud.
