Why Did the ED Attach Shares of Two Properties in a Money Laundering Investigation?
Click to start listening
Synopsis
The ED has taken decisive action by attaching shares worth Rs 127.33 crore in two hospitals linked to a significant money laundering case. What ignited this investigation? Discover how a complex web of fraud unfolded in the Alchemist Group's operations.
Key Takeaways
- ED provisionally attaches shares worth Rs 127.33 crore.
- Properties involved are Alchemist Hospital and Ojas Hospital.
- Investigation linked to allegations of widespread fraud.
- Over Rs 1,848 crore allegedly collected from investors unlawfully.
- Kanwar Deep Singh has faced legal repercussions under the PMLA.
New Delhi, July 23 (NationPress) The Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached shares valued at Rs 127.33 crore in two immovable properties belonging to Alchemist Hospital and Ojas Hospital, both situated in Panchkula, Haryana. These properties are beneficially owned by Karan Deep Singh, under the regulations of the Prevention of Money Laundering Act (PMLA).
This action is part of an ongoing investigation into money laundering associated with M/s Alchemist Group, its directors, promoters, and related entities, concerning significant fraud and the misappropriation of public funds.
The ED initiated its inquiry based on an FIR originally filed by the Kolkata Police, later taken over by the Central Bureau of Investigation (CBI), ACB Lucknow, under Sections 120-B and 420 of the Indian Penal Code, 1860, against Alchemist Township Pvt. Ltd, Alchemist Infra Realty Pvt. Ltd., and the promoters and directors of the Alchemist Group, including Kanwar Deep Singh and others.
The investigation centers around a large-scale criminal conspiracy aimed at deceiving investors through illegal fundraising via fraudulent Collective Investment Schemes (CIS), which promised unusually high returns and made false commitments regarding the allocation of plots, flats, and villas.
Through these misleading investment schemes, Alchemist Holdings Ltd and Alchemist Township India Ltd illicitly amassed approximately Rs 1,848 crore from unsuspecting investors, subsequently diverting the funds for unauthorized purposes.
Investigations by the ED uncovered that the misappropriated funds underwent systematic layering through intricate financial transactions involving various entities within the Alchemist Group, aimed at obscuring the illicit origins of the funds. These tainted proceeds were ultimately utilized for acquiring shares and constructing Alchemist Hospital and Ojas Hospital.
The transactions were intentionally designed to present these assets as legitimate, thereby concealing the Proceeds of Crime. The shares of Alchemist Hospital and Ojas Hospital are held by Sorus Agritech Private Ltd to the extent of 40.94 percent and 37.24 percent, respectively, a company beneficially owned by Karan Deep Singh, the son of Shri Kanwar Deep Singh.
Previously, Kanwar Deep Singh was arrested by the ED on January 12, 2021. A prosecution complaint was subsequently filed by the ED before the Special Court (PMLA), New Delhi on March 2, 2021, with a supplementary complaint filed on July 19, 2024. The ED has provisionally attached movable and immovable properties worth Rs 238.42 crore through five separate provisional attachment orders.
Point of View
It is crucial to recognize the significance of the ED's actions in tackling financial crimes that threaten the integrity of our economic system. This case illustrates the persistent efforts to hold accountable those who exploit the trust of investors, ensuring that justice prevails in the fight against corruption.
NationPress
24/07/2025
Frequently Asked Questions
What prompted the ED's investigation into the Alchemist Group?
The investigation was initiated based on an FIR filed by the Kolkata Police, which was later taken over by the CBI, involving allegations of large-scale fraud and money laundering.
What are the properties involved in the ED's attachment?
The ED has attached shares in two properties, Alchemist Hospital and Ojas Hospital, located in Panchkula, Haryana.
How much money is alleged to have been defrauded from investors?
Alchemist Holdings Ltd and Alchemist Township India Ltd are accused of illegally collecting approximately Rs 1,848 crore from investors.
What legal actions have been taken against Kanwar Deep Singh?
Kanwar Deep Singh was arrested by the ED and has faced prosecution complaints filed in a Special Court under the provisions of the PMLA.
What does the PMLA stand for?
The Prevention of Money Laundering Act (PMLA) is a law in India aimed at preventing money laundering and ensuring the proceeds of crime are confiscated.
