Arabian Sea-Facing Residence Attached Under PMLA

The Enforcement Directorate (ED) has attached a luxury sea-facing property worth more than ₹60 crore in Murud as part of its ongoing money laundering investigation against S Kumars Nationwide Limited (SKNL) and its former Chairman and Managing Director, Nitin Kasliwal.

In a statement issued on Wednesday, the federal agency said it had passed a provisional attachment order under the provisions of the Prevention of Money Laundering Act (PMLA) to seize the immovable asset.

According to the ED, the attached property is an Arabian Sea-facing residence located near Alibaug in Murud town of Maharashtra’s Raigad District.

Alleged Diversion of Funds

The agency alleged that funds diverted from SKNL were utilised for acquiring the high-value property.

Investigators claim that proceeds generated through the alleged bank loan fraud involving the textile company were channelled into the purchase of the luxury residence, thereby constituting proceeds of crime under the PMLA.

The ED stated that the “diverted” funds from SKNL were used for the acquisition of the Arabian Sea-facing immovable property.

Background of the Case

The money laundering investigation stems from allegations of large-scale financial irregularities and bank loan fraud involving SKNL, once a prominent player in India’s textile sector.

The ED’s probe is based on predicate offences registered by investigating agencies relating to the alleged siphoning and diversion of funds obtained from banks and financial institutions.

Under the PMLA, the agency has the authority to provisionally attach assets believed to have been acquired using proceeds of crime, subject to confirmation by the adjudicating authority.

Further Investigation Underway

Officials indicated that the investigation remains active, with efforts continuing to trace additional assets and financial transactions linked to the alleged laundering of funds.

The attachment of the Murud property marks another significant development in the case and underscores the agency’s focus on identifying and recovering assets allegedly derived from economic offences.

Further action in the matter will depend on the outcome of the ongoing investigation and proceedings before the competent authorities.