Probe Agency ED Attaches Rs 127 Crore Worth Shares Against Ex-Trinamool MP's Son

The Enforcement Directorate (ED) on Wednesday said it has provisionally attached more than Rs 127 crore worth of shares "beneficially owned" by the son of former Trinamool Congress MP and businessman Kanwar Deep Singh in a money laundering case.

The probe agency said the shares are linked to two immovable properties - Alchemist Hospital (40.94%) and Ojas Hospital (37.24%), located in Panchkula - under provisions of the Prevention of Money Laundering Act (PMLA), 2002. These shares are held by M/s Sorus Agritech Pvt. Ltd., a company beneficially owned by Karan Deep Singh, son of Kanwar Deep, the promoter of the Alchemist Group. 

The investigation is being held on the basis of First Information Reports (FIRs) initially filed by the Kolkata Police and later by the Central Bureau of Investigation and the Anti-Corruption Bureau, Lucknow, under Indian Penal Code sections 120-B (criminal conspiracy) and 420 (cheating) against M/s Alchemist Township Pvt. Ltd., M/s Alchemist Infra Realty Pvt. Ltd., and their promoter/directors, including Kanwar Deep Singh.

According to ED, the case revolves around a massive criminal conspiracy involving the fraudulent collection of public money through illegal Collective Investment Schemes (CIS). The accused companies lured investors with false promises of high returns and allotment of residential units like plots, flats and villas.

Investigations revealed that ₹1,848 crore was illegally raised from the public and later misappropriated. The proceeds of this fraud were layered through complex transactions across multiple Alchemist Group entities, ultimately channelled into the construction and shareholding of the two hospitals, in an attempt to project the tainted funds as legitimate investments.

ED had arrested Kanwar Deep Singh on January 12, 2021, in connection with the case. A prosecution complaint was filed before the Special Court (PMLA) on March 2, 2021, followed by a supplementary complaint on July 19, 2024.

So far, ED has provisionally attached assets worth ₹238.42 crore across five separate orders related to the case. The agency said a probe is underway to trace additional assets and uncover the complete money trail involved in this alleged large-scale financial fraud.