New Delhi: The Enforcement Directorate (ED) on Monday, January 28, said it has attached properties worth Rs 239 crore of the Alchemist Group, a firm related to Trinamool Congress MP Kanwar Deep Singh, in connection with a probe into a money laundering to the tune of Rs 1,900 crore.
An ED official said that it had provisionally attached assets situated in various places including Chandigarh, Panchkula, Derabassi, SAS Nagar (Punjab) and Shimla and also accounts in HDFC Bank under the Prevention of Money Laundering Act, 2002.
The ED’s action comes in the wake of a case it registered against Alchemist Infra Realty LLC and others on the basis of a prosecution complaint filed by the Securities and Exchange Board of India (SEBI) on March 18, 2016.
Investigations have revealed that funds mobilized by the Alchemist Infra Realty Ltd from various investors were never utilized for the purpose for which they were collected.
The funds were transferred to the bank accounts of other group companies which were mainly paper companies from where they were systematically siphoned off by the accused and used to purchase properties at various locations in the country, the ED official said.
Singh had resigned as Chairman of the Alchemist Group in 2012, while his Rajya Sabha profile describes him as the Chairman, Emeritus and founder of the business group.
