Mumbai: The Enforcement Directorate (ED) has attached a sea-facing property worth around ₹60 crore in Alibaug’s Murud area of Raigad district as part of its money laundering probe into the alleged ₹1,400-crore bank fraud involving textile company M/s S Kumars Nationwide Ltd (SKNL). The agency alleges the luxury property was acquired using diverted bank loan funds routed through a network of group entities controlled by the company’s former promoters.ED attaches ₹60-crore Alibaug villa in SKNL fraud caseThe probe stems from two cases registered by the Central Bureau of Investigation (CBI) on complaints filed by Union Bank of India and IDBI Bank, the lead lender in a consortium of banks.The cases, registered in July 2021 and April 2022, pertain to alleged cheating involving ₹160.83 crore and ₹1,245.15 crore, respectively. SKNL, once a major textile company, entered liquidation in 2019.According to the ED, its investigation found that former chairman and managing director N Kasliwal allegedly diverted loan funds obtained by SKNL through a web of interconnected companies and entities controlled by him and his family members. A portion of the allegedly diverted funds was subsequently used to acquire the Alibaug property, which the agency has identified as proceeds of crime.Officials said the investigation established that credit facilities extended by multiple banks to SKNL were routed through related entities before being used to purchase the seafront property.The attachment follows searches conducted by the ED under the Prevention of Money Laundering Act (PMLA) on December 23, 2025. During those searches, the agency claimed to have uncovered evidence of overseas assets allegedly held through offshore trusts and company structures.Based on material gathered during the probe, the ED had earlier attached a property near Buckingham Palace in London valued at about ₹119.55 crore.The agency said investigations are continuing to identify and trace additional proceeds of crime allegedly generated through the fraud against the consortium of banks.