Enforcement Directorate sleuths raid 14 of Alchemist group firms with links to TMC MP Kanwar Deep Singh

The Enforcement Directorate (ED) carried out search operations at seven locations in New Delhi and Chandigarh including registered offices of 14 Alchemist Group of companies related and controlled by Trinamool Congress, Rajya Sabha MP, Kanwar Deep Singh.

The searches were carried out at the official residences of K D Singh at Tughlaq Lane, New Delhi, and at Chandigarh and residences of two directors in different companies, in connection with a probe into money laundering initiated on the basis of FIRs of Kolkata police against various group companies.

During searches, a number of documents reflecting the circular nature of transactions, digital evidences and property documents were seized. At the official residence of K D Singh in Delhi cash of Rs 32 lakhs along with foreign exchange worth $10,000 was found and seized.

Investigation under PMLA was initiated in 2018 on the basis of FIRs registered by Kolkata police under Section 406,420,120-B of IPC against Kanwar Deep Singh, his son Karandeep Singh, M/s Alchemist Township India Limited, M/s Alchemist Holdings Limited& various other groupcompanies and Directors for cheating thousands of customers.

Kanwar Deep Singh through companies namely, M/s Alchemist Township India Limited and M/s Alchemist Holdings Limited had raised huge amount of money from thousands of customers in the garb of investments by luring them of high returns and also against sale/booking of plots and flats etc. So far investigation has revealed that, these funds raised from public were not used for the intended purpose and were diverted/siphoned off to various group companies.

There Directors have no idea to state the purpose for which the said money was being collected and transferred. ED is also investigating one more case against M/s Alchemist Infra Reality Ltd based on SEBI prosecution complaint and has attached property worth Rs 239.29 crore.