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India Today
3 days ago
- Business
- India Today
ED attaches Rs 127-crore property linked to ex-Trinamool MP in chit fund scam
The Enforcement Directorate (ED) has attached shares worth Rs 127.33 crore in two hospitals owned by entities linked to former Trinamool Congress (TMC) MP Kanwar Deep Singh in connection with large-scale chit fund scam provisionally attached shares in Alchemist Hospital and Ojas Hospital, both located in Panchkula, under the Prevention of Money Laundering Act (PMLA), 2002. The properties are said to be beneficially owned by Karan Deep Singh, son of KD action is part of an ongoing probe into allegations of massive fraud and misappropriation of public funds by the Alchemist Group, its directors, promoters, and related entities. The ED's investigation began on the basis of an FIR registered first by Kolkata Police and later by the CBI's Anti-Corruption Branch in case centres around allegations that the Alchemist Group defrauded thousands of investors by illegally raising about Rs 1,848 crore through fraudulent Collective Investment Schemes (CIS). The companies lured investors with promises of high returns and false assurances of plots, flats and villas, but allegedly diverted the money for unauthorised to the ED, the funds collected were layered through complex financial transactions among group companies to hide their illicit origins. The money was ultimately used to acquire shares and build Alchemist Hospital and Ojas Hospital, which the ED says were then projected as legitimate assets to disguise the proceeds of probe found that M/s Sorus Agritech Pvt. Ltd., a company beneficially owned by Karan Deep Singh, holds 40.94% shares in Alchemist Hospital and 37.24% in Ojas Singh was arrested by the ED on January 12, 2021. The agency filed a Prosecution Complaint before a Special PMLA Court in New Delhi on March 2, 2021, and a supplementary complaint on July 19, far, the ED has provisionally attached movable and immovable assets worth Rs 238.42 crore in this case through five separate orders.- EndsMust Watch
Indian Express
5 days ago
- Business
- Indian Express
ED attaches shares worth Rs 127 crore in 2 Haryana hospitals owned by former TMC MP Kanwar Deep Singh's son
The Enforcement Directorate (ED) Wednesday said it has provisionally attached shares worth Rs 127.33 crore 'beneficially owned' by Karan Deep Singh, the son of former Trinamool Congress MP and businessman Kanwar Deep Singh, in a money laundering case. The agency said the shares were linked to two immovable properties: Alchemist Hospital and Ojas Hospital in Panchkula in Haryana. ED has so far provisionally attached movable and immovable properties worth Rs 238.42 crore through five separate provisional attachment orders in the case, and further investigation is going on. A press release issued by ED's Delhi zonal office said the attachment forms part of an ongoing money laundering investigation involving Alchemist Group, its directors, promoters, and associated entities, in relation to 'large-scale fraud and misappropriation of public funds'. ED arrested Kanwar Deep Singh in the case on January 12, 2021. It filed a prosecution complaint before a special Prevention of Money Laundering Act (PMLA) court in New Delhi on March 2, 2021, and one supplementary prosecution complaint on July 19, 2024. The Central agency initiated the investigation based on an FIR initially registered by the Kolkata police, and subsequently by the Central Bureau of Investigation (CBI), and Anti Corruption Bureau, Lucknow, under sections 120 B and 420 of the Indian Penal Code (IPC) against Alchemist Township, Alchemist Infra Realty and promoter/ directors of the Alchemist Group, including Kanwar Deep Singh and others. 'The case pertains to a large-scale criminal conspiracy to defraud investors by illegally raising funds through fraudulent Collective Investment Schemes (CIS), offering unusually high returns, and/ or making false promises of allotting plots, flats, and villas. Through these deceptive investment schemes, M/s. Alchemist Holdings Ltd. and M/s. Alchemist Township India Ltd. illegally collected approximately Rs. 1,848 crore from unsuspecting investors and subsequently misappropriated the funds for unauthorized purposes', ED said in its press release. Revealing details about its ongoing investigations, it added, 'ED investigation revealed that the misappropriated funds were systematically layered through complex financial transactions involving group entities of the Alchemist Group, with the intent to conceal the illicit origin of the funds. These tainted proceeds were ultimately used for the acquisition of shares and subsequent construction of Alchemist Hospital and Ojas Hospital.' Detailing about the modus operandi involved, it mentioned that 'the transactions were deliberately structured to project these assets as legitimate, thereby disguising the proceeds of crime'. The shares of Alchemist Hospital and Ojas Hospital are held to the extent of 40.94 per cent and 37.24 per cent, respectively, by Sorus Agritech, a company beneficially owned by Karan Deep Singh, the agency said.
Hindustan Times
5 days ago
- Business
- Hindustan Times
ED seizes ₹127-cr shares of ex-MP KD Singh's son in two Panchkula hospitals
The Enforcement Directorate (ED) has attached shares worth ₹127.33 crore in two immovable properties — Alchemist Hospital and Ojas Hospital — located in Panchkula and 'beneficially owned' by businessman Karan Deep Singh, as part of its probe against the Alchemist Group and its promoters into alleged large-scale fraud and misappropriation of public funds. Alchemist Group founder Kanwar Deep Singh. Kanwar Deep represented the Trinamool Congress in the Rajya Sabha from 2010 to 2014. He is no longer associated with the party. (HT) Karan Deep Singh is the son of former Rajya Sabha MP and Alchemist Group founder Kanwar Deep Singh. Kanwar Deep represented the Trinamool Congress in the Upper House from 2010 to 2014, but is no longer associated with the party. The ED's money laundering probe against Alchemist Group is based on multiple FIRs registered by the CBI, Uttar Pradesh Police and West Bengal Police. The FIRs allege that the group ran fraudulent Collective Investment Schemes (CIS) by luring investors with false promises of flats, villas, plots or high returns. Through these deceptive investment schemes, the group's companies Alchemist Holdings Ltd and Alchemist Township India Ltd illegally collected approximately ₹1,848 crore from unsuspecting investors and subsequently misappropriated the funds for unauthorised purposes, the ED said in a statement on Wednesday. 'Investigation has revealed that the misappropriated funds were systematically layered through complex financial transactions involving group entities of the Alchemist Group, with the intent to conceal the illicit origin of the funds. These tainted proceeds were ultimately used for the acquisition of shares and subsequent construction of Alchemist Hospital and Ojas Hospital. The transactions were deliberately structured to project these assets as legitimate, thereby disguising the proceeds of crime,' the ED said. It added that shares of Alchemist Hospital and Ojas Hospital were held to the extent of 40.94% and 37.24%, respectively, by Sorus Agritech Pvt Ltd, a company beneficially owned by Karan Deep Singh. When contacted for comment, Karan Deep Singh said he had 'no information' about the ED action. The ED probe against former MP Kanwar Deep Singh and a firm linked to him, Alchemist Infra Realty Ltd, began in September 2016, when the agency filed a case under the Prevention of Money Laundering Act (PMLA) after taking cognisance of a chargesheet against the company, its directors and others by market regulator Securities and Exchange Board of India (SEBI). In January 2021, ED had arrested Kanwar Deep Singh for allegedly running an illegal collective investment scheme, also known as a ponzi or chit fund scheme, and mobilising funds from the public in the years preceding 2015. The CBI is also investigating him in the same case. As part of the PMLA probe, in March 2024, the ED had also attached ₹10.29 crore allegedly linked to the Trinamool Congress, claiming the funds were paid by Alchemist Airways Pvt Ltd for aviation services availed by the party during the 2014 Lok Sabha elections for its star campaigners, including chief minister Mamata Banerjee, Mukul Roy, Moon Moon Sen, Nusrat Jahan, among others.
NDTV
5 days ago
- Business
- NDTV
Probe Agency ED Attaches Rs 127 Crore Worth Shares Against Ex-Trinamool MP's Son
The Enforcement Directorate (ED) on Wednesday said it has provisionally attached more than Rs 127 crore worth of shares "beneficially owned" by the son of former Trinamool Congress MP and businessman Kanwar Deep Singh in a money laundering case. The probe agency said the shares are linked to two immovable properties - Alchemist Hospital (40.94%) and Ojas Hospital (37.24%), located in Panchkula - under provisions of the Prevention of Money Laundering Act (PMLA), 2002. These shares are held by M/s Sorus Agritech Pvt. Ltd., a company beneficially owned by Karan Deep Singh, son of Kanwar Deep, the promoter of the Alchemist Group. The investigation is being held on the basis of First Information Reports (FIRs) initially filed by the Kolkata Police and later by the Central Bureau of Investigation and the Anti-Corruption Bureau, Lucknow, under Indian Penal Code sections 120-B (criminal conspiracy) and 420 (cheating) against M/s Alchemist Township Pvt. Ltd., M/s Alchemist Infra Realty Pvt. Ltd., and their promoter/directors, including Kanwar Deep Singh. According to ED, the case revolves around a massive criminal conspiracy involving the fraudulent collection of public money through illegal Collective Investment Schemes (CIS). The accused companies lured investors with false promises of high returns and allotment of residential units like plots, flats and villas. Investigations revealed that ₹1,848 crore was illegally raised from the public and later misappropriated. The proceeds of this fraud were layered through complex transactions across multiple Alchemist Group entities, ultimately channelled into the construction and shareholding of the two hospitals, in an attempt to project the tainted funds as legitimate investments. ED had arrested Kanwar Deep Singh on January 12, 2021, in connection with the case. A prosecution complaint was filed before the Special Court (PMLA) on March 2, 2021, followed by a supplementary complaint on July 19, 2024. So far, ED has provisionally attached assets worth ₹238.42 crore across five separate orders related to the case. The agency said a probe is underway to trace additional assets and uncover the complete money trail involved in this alleged large-scale financial fraud.
Time of India
5 days ago
- Business
- Time of India
Ed attaches shares worth Rs 127cr in Panchkula-based Alchemist and Ojas hospitals
Chandigarh: The Directorate of Enforcement (ED), Delhi Zonal Office, on Wednesday claimed to have provisionally attached shares worth Rs 127.33 crore in two immovable properties – Alchemist Hospital and Ojas Hospital – located in Panchkula under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. These properties are beneficially owned by Karan Deep Singh. The attachment forms part of an ongoing money laundering investigation involving M/s Alchemist Group, its directors, promoters, and associated entities, in relation to alleged large-scale fraud and misappropriation of public funds, the ED mentioned in a release. The ED had initiated the investigation into the case based on an FIR initially registered by the Kolkata Police and subsequently by the Central Bureau of Investigation (CBI), and ACB Lucknow under Sections 120-B and 420 of the Indian Penal Code against M/s Alchemist Township Pvt Ltd, M/s Alchemist Infra Realty Pvt Ltd, and promoter/directors of the Alchemist Group, including Kanwar Deep Singh and others. The case pertains to alleged large-scale criminal conspiracy to defraud investors by illegally raising funds through fraudulent collective investment schemes, offering unusually high returns, and/or making false promises of allotting plots, flats, and villas. Through these deceptive investment schemes, M/s Alchemist Holdings Ltd and M/s Alchemist Township India Ltd illegally collected approximately Rs 1,848 crore from unsuspecting investors and subsequently misappropriated the funds for unauthorised purposes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo ED investigation revealed that the misappropriated funds were systematically layered through complex financial transactions involving group entities of the Alchemist Group, with the intent to conceal the illicit origin of the funds. These tainted proceeds were ultimately used for the acquisition of shares and subsequent construction of Alchemist Hospital and Ojas Hospital. The transactions were deliberately structured to project these assets as legitimate, thereby disguising the proceeds of crime. The shares of Alchemist Hospital and Ojas Hospital are held to the extent of 40.94% and 37.24%, respectively, by M/s Sorus Agritech Pvt Ltd, a company beneficially owned by Karan Deep Singh, son of Kanwar Deep Singh. Earlier in the case, Kanwar Deep Singh was arrested by the ED on Jan 12, 2021. Thereafter, a prosecution complaint was filed by the ED before the Special Court (PMLA), New Delhi, on March 2, 2021. Also, a supplementary prosecution complaint was filed on July 19, 2024. The ED has already provisionally attached movable and immovable properties worth Rs 238.42 crore through five separate provisional attachment orders. Further investigation is in progress. MSID:: 122862593 413 |
