ED attaches UK-based high-value property located near Buckingham Palace in Rs 1,400 crore bank fraud case
NEW DELHI: In a case of alleged laundering of Rs 1,400 crore of bank loans, ED on Wednesday said it has attached properties worth Rs 150 crore near Buckingham Palace in the UK belonging to Nitin Kasliwal, former CMD of textile giant S Kumars. Kasliwal is accused of establishing a network of trusts and companies in multiple offshore tax havens, including British Virgin Islands, Jersey, and Switzerland, to launder bank funds. The agency had searched his premises on Dec 23 and seized documents and digital devices. “Investigation found that Nitin Kasliwal through S Kumars Nationwide Ltd cheated the consortium of banks to the tune of Rs 1,400 crore and also diverted the funds outside India in the guise of foreign investments and thereafter acquired immovable assets outside India which were concealed through complex structure of private trust and companies in foreign jurisdictions,” the ED said. The agency further said a detailed analysis of documents revealed Kasliwal had established a complex network of trusts and companies in multiple offshore tax havens. “Kasliwal had set up Catherine Trust (formerly Surya Trust), in which he and his family members were the primary beneficiaries. This trust controlled a company based in Jersey and BVI: Catherine Property Holding Ltd, which in turn held ownership of the high-value immovable property in London,” ED said.
