The Alchemist group’s properties situated at various places like Chandigarh, Panchkula, Derabassi, SAS Nagar (Punjab), Shimla and also bank accounts in HDFC Bank were attached by the ED. The group is linked to TMC MP KD Singh
New Delhi: The Enforcement Directorate (ED) on Monday provisionally attached assets worth Rs 239.29 crore belonging to Alchemist Infra Realty Ltd, which is linked to Trinamool Congress (TMC) MP KD Singh in an ongoing investigation under Prevention of Money Laundering Act, 2002 (PMLA).
The group’s properties situated at various places like Chandigarh, Panchkula, Derabassi, SAS Nagar (Punjab), Shimla and also bank accounts in HDFC bank were attached by the ED.
The Central probe agency had last year summoned the Rajya Sabha Member of Parliament Singh, now sidelined in the TMC, as part of these investigations. While Singh had resigned from the post of chairman of the Alchemist group in 2012, his Rajya Sabha profile mentions him to be the chairman, emeritus and founder of the business group.
ED initiated probe under the provisions of PMLA against the Alchemist group and others on the basis of prosecution complaint filed by Securities and Exchange Board of India (SEBI) in Patiala House, Delhi against the group and its directors on March 18, 2016.
The investigation conducted by ED revealed that the proceeds of crime generated by the group laundered through a web of companies.
“Investigations also revealed that the funds mobilised by M/s Alchemist from various investors which were never utilised for the purpose for which they were collected and the same 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 agency said.
All such assets in Punjab, Haryana , Shimla and bank accounts in HDFC Bank worth Rs 239.29 crore identified during the course of investigations, have been provisionally attached.
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Last Updated 28, Jan 2019, 6:53 PM