The FIR also named the promoters and directors of the Alchemist Group, including Kanwar Deep Singh and others. Kanwar Deep Singh is a former Rajya Sabha MP.
ED has provisionally attached shares to the tune of Rs 127.33 crores in a money laundering probe revolving around Alchemist Group. Attached assets are in the name of Alchemist Hospital and Ojas Hospital and are located in Panchkula Haryana.
ED has said the beneficial owner of the attached assets is 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 large-scale fraud and misappropriation of public funds,” the ED said in a statement on Wednesday.
ED case stems from an FIR registered by Kolkata Police and then by CBI under sections of criminal conspiracy and cheating against M/s Alchemist Township Pvt. Ltd., M/s Alchemist Infra Realty Pvt. Ltd. The FIR also named the promoters and directors of the Alchemist Group, including Kanwar Deep Singh and others. Kanwar Deep Singh is a former Rajya Sabha MP.
In 2021, Kanwar Deep Singh was arrested by ED. The anti money laundering federal probe agency has filed a prosecution complaint and later a supplementary prosecution complaint.
The money laundering probe revealed, “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,” the ED said.
The probe agency said “misappropriated funds” were “systematically layered” through complex financial transactions involving group entities of Alchemist Group with intent to “conceal the origin of funds”. “These tainted proceeds were ultimately used for the acquisition of shares and subsequent construction of Alchemist Hospital and Ojas Hospital,” said Officials.
