India, June 11 -- The Enforcement Directorate (ED) has attached a sea-facing property worth around Rs.60 crore in Alibaug's Murud area of Raigad district as part of its money laundering probe into the alleged Rs.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.

The 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 R...