The federal probe agency 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 Enforcement Directorate has attached an immovable property worth Rs 150 crore near the Buckingham Palace in London in a case of alleged bank loan fraud linked to money laundering involving textile major S Kumars Nationwide Ltd and its ex CMD Nitin Kasliwal.
The federal probe agency 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.