ED attaches shares of two properties in money laundering case

New Delhi, July 23 The Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached shares of Rs 127.33 crore in two immovable properties of Alchemist Hospital and Ojas Hospital, both located in Panchkula in Haryana, beneficially owned by Karan Deep Singh, under the provisions of the Prevention of Money Laundering Act (PMLA).

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 initiated investigation on the basis of an FIR initially registered by the Kolkata Police, and subsequently 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 promoter and 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, Alchemist Holdings Ltd and Alchemist Township India Ltd illegally collected approximately Rs 1,848 Crore from unsuspecting investors and subsequently misappropriated the funds for unauthorized purposes.

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 per cent and 37.24 per cent, respectively, by Sorus Agritech Private Ltd, a company beneficially owned by Karan Deep Singh, son of Shri Kanwar Deep Singh.

Earlier in this case Kanwar Deep Singh was arrested by the ED on January 12, 2021. Thereafter, a prosecution complaint was filed by ED before Special Court (PMLA), New Delhi on March 2, 2021 and one 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.

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