Business
10 Jun, 2026
Bank-fraud case: ED attaches sea-facing house worth Rs 60 Cr in Maharashtra's Murud
Business To Business, New Delhi, 10th June, 2026: The Enforcement Directorate (ED) has attached a sea-facing house in Murud worth more than ₹60 crore in connection with a bank loan fraud and money-laundering investigation involving textile company S Kumars Nationwide Limited (SKNL) and its former Chairman and Managing Director Nitin Kasliwal.
ED Action
According to the agency:
- A provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA).
- The attached asset is a sea-facing residential property in Murud, near Alibaug.
- The property's market value is estimated at over ₹60 crore.
Alleged Diversion of Funds
The ED alleged that funds diverted from SKNL were used to acquire the property overlooking the
Arabian Sea.
The attachment forms part of the agency's broader probe into alleged irregularities involving bank loans obtained by the company and the subsequent use of those funds.
A provisional attachment under the PMLA means:
- The property cannot be sold, transferred, or otherwise dealt with by the owners.
- The attachment is subject to confirmation by the adjudicating authority under the Act.
- It is intended to preserve assets suspected of being linked to proceeds of crime during the course of an investigation.
The case relates to allegations of bank loan fraud and the laundering of proceeds allegedly generated from those activities. The ED investigates such cases when scheduled offences, often registered by agencies such as the
Central Bureau of Investigation (CBI) or police authorities, indicate potential money-laundering violations.
The investigation is ongoing, and the allegations are yet to be adjudicated in court. The attachment represents an interim enforcement measure and does not by itself constitute a finding of guilt.