ED Attaches Rs 127 Worth Shares In Case Against Ex TMC MP

The Enforcement Directorate attached Rs.127 crore in shares owned by Karan Deep Singh, son of ex-TMC MP Kanwar Deep Singh, in connection to a Rs.1,900 crore ponzi scheme.

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Source : ABP Live

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

The case is linked to an alleged Rs 1,900 crore ponzi scheme fraud, it said.

The money laundering case is based on the FIRs filed by Kolkata Police and CBI against the Alchemist Township, the Alchemist Infra Realty and the Alchemist Group's directors including Kanwar Deep Singh.

The accused were charged with orchestrating a large-scale criminal conspiracy to illegally raise Rs 1,848 crore through collective investment schemes, by offering investors unusually high returns or falsely promising to allot them plots, flats and villas.

"The misappropriated funds were systematically layered through complex financial transactions involving the Alchemist Group entities, with the intent to conceal the illicit origin of the funds," the agency said.

"These tainted proceeds were ultimately used to acquire shares and construct Alchemist Hospital and Ojas Hospital," the ED alleged.

The 40.94 per cent shares of Alchemist Hospital and 37.24 per cent shares of Ojas Hospital, both located in Panchkula, are held by Sorus Agritech, a company "beneficially owned" by Karan Deep Singh, son of Kanwar Deep Singh.

These shares worth Rs 127.33 crore have been provisionally attached under the Prevention of Money Laundering Act (PMLA), the probe agency said.

Kanwar Deep Singh, who had been a TMC Rajya Sabha MP twice, retired in April 2020.

He was arrested by the ED in January 2021. The agency has filed two chargesheets in the case and attached Rs 238.42 crore worth of properties earlier. 

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)