ED targets offshore Trust network in S Kumar bank fraud case
The Enforcement Directorate (ED) has attached textile company S Kumars‘ Rs.150 crore worth property near the Buckingham Palace in London in a case of bank loan fraud linked to money laundering involving textile major S Kumars Nationwide Ltd and its ex-CMD Nitin Kasliwal. The ED said in a statement on Wednesday that a provisional order was issued under the Prevention of Money Laundering Act (PMLA) on Tuesday to attach the asset.
The “high-value” property valued at Rs.150 crore near the Buckingham Palace is held under the “beneficial ownership” of Nitin Shambhukumar Kasliwal and his family members, the Enforcement Directorate (ED) said. Kasliwal is accused of defrauding a consortium of Indian banks to the tune of Rs.1,400 crore, it said.
After attaching assets located abroad, the ED approaches its counterpart agencies in that country to take possession of such properties under the criminal provisions of the anti-money laundering law.
The agency alleged that Kasliwal, through S Kumars Nationwide Ltd, cheated the consortium of banks and “diverted” the funds outside India in the guise of foreign investments and subsequently acquired immovable assets abroad, which were “concealed” through a complex structure of private trusts and companies in foreign jurisdictions.
The ED conducted raids in this case on December 23 and seized some documents and devices. “A detailed analysis of the said material revealed that Nitin Kasliwal established a complex network of trusts and companies in multiple offshore tax havens, including the British Virgin Islands, Jersey, and Switzerland.
“The investigation found that Nitin Kasliwal set up the Catherine Trust (formerly Surya Trust) in which he and his family members were the primary beneficiaries,” the agency said. This trust “controlled” a company based in Jersey and the British Virgin Islands named Catherine Property Holding Limited (CPHL), which, in turn, held ownership of the immovable property in London that has been attached, it said.
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