ED Attaches Shares Worth Over ₹127 Crore Of Former TMC MP
The misappropriated funds were layered through complex transactions involving Alchemist Group entities to conceal their illicit origin: Enforcement Directorate
NEW DELHI: The Enforcement Directorate on Wednesday announced the attachment of shares worth over ₹127 crore “beneficially owned” by Karan Deep Singh, son of former TMC MP and businessman Kanwar Deep Singh, in a money laundering case linked to an alleged ₹1,900 crore Ponzi scheme fraud.
The case stems from FIRs filed by Kolkata Police and the CBI against Alchemist Township, Alchemist Infra Realty, and the Alchemist Group’s directors, including Kanwar Deep Singh. The accused are charged with orchestrating a criminal conspiracy to raise ₹1,848 crore through collective investment schemes by offering investors unusually high returns or falsely promising plots, flats, and villas.
According to the ED, the misappropriated funds were layered through complex transactions involving Alchemist Group entities to conceal their illicit origin. “These tainted proceeds were ultimately used to acquire shares and construct Alchemist Hospital and Ojas Hospital,” the agency said.
Shares held by Sorus Agritech, “beneficially owned” by Karan Deep Singh, comprise 40.94 percent of Alchemist Hospital and 37.24 percent of Ojas Hospital, both in Panchkula. The ED has provisionally attached these shares, valued at ₹127.33 crore, under the Prevention of Money Laundering Act (PMLA).
Kanwar Deep Singh, a two term TMC Rajya Sabha MP who retired in April 2020, was arrested by the ED in January 2021. The agency has since filed two chargesheets and previously attached assets worth ₹238.42 crore.