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ED Raigad Property Attachment: The Enforcement Directorate (ED) has temporarily attached a prime property in Maharashtra’s Raigad district, worth more than Rs 60 crore. According to an official statement issued on Wednesday, the ED’s Indore zonal office has registered a case under the ‘Prevention of Money Laundering Act’ (PMLA) under S. The attachment was made as part of the ongoing investigation into an alleged Rs 1,400 crore bank fraud involving Kumars Nationwide Limited (SKNL).

The property, located near Alibaug in Murud in Raigad district, was allegedly purchased with funds siphoned off by SKNL from loans taken from a group of banks.

Property purchased by loan fraud, investigation revealed

According to the agency, the investigation revealed that Nitin Shambhukumar Kasliwal, former chairman and managing director of SKNL, allegedly diverted the loan funds through a complex network of interconnected companies and group companies controlled by him and his family members and diverted them in several layers.

The Enforcement Directorate (ED) has alleged that when SKNL was availing large credit facilities from a group of banks, a large portion of the borrowed funds were diverted through fraudulent companies instead of being used for legitimate business purposes.

Sea shore property attached

These funds were later moved through multiple layers of transactions to conceal their source and ownership. The investigators found that a part of the allegedly diverted money was ultimately used to purchase immovable property located on the sea shore in Murud.

The agency has identified the assets as being directly linked to the proceeds of crime arising out of the alleged bank fraud and have attached them as part of efforts to recover assets derived from illicit funds.

Properties worth Rs 179.55 crore seized so far including London

This latest attachment comes a few months after the massive search conducted by the ED on December 23, 2025. During those search operations, the agency had recovered documents and evidence to foreign assets allegedly held through foreign trusts and corporate structures.

Based on the material seized during the searches, the ED had earlier attached an expensive property near Buckingham Palace in London, whose value was estimated to be around Rs 119.55 crore. The total attachment in this case so far has reached Rs 179.55 crore.