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The Enforcement Directorate (ED) has provisionally attached shares worth ₹127.33 crore in two Panchkula-based immovable properties, Alchemist Hospital and Ojas Hospital, allegedly beneficially owned by the son of former Trinamool Congress MP Kanwar Deep Singh.
“The attachment forms part of an ongoing money laundering investigation involving Alchemist Group, its directors, promoters, and associated entities, in relation to a large-scale fraud and misappropriation of public funds. The ED initiated the investigation based on a first information report initially registered by the Kolkata police, and subsequently by the Central Bureau of Investigation,” said the agency on Wednesday.
The CBI case was against Alchemist Township Private Limited, Alchemist Infra Realty Private Limited, and promoter/ directors of the Alchemist Group, including Mr. Singh and others.
‘Fraudulent schemes’
“The case pertains to an alleged large-scale criminal conspiracy to defraud investors by illegally raising funds through fraudulent collective investment schemes, offering unusually high returns, and/or making false promises of allotting plots, flats, and villas,” alleged the ED.
According to the ED, through these schemes, Alchemist Holdings Limited and Alchemist Township India Limited “illegally” collected about ₹1,848 crore from unsuspecting investors and subsequently misappropriated the funds for unauthorised purposes.
The ED probe revealed that the allegedly misappropriated funds were systematically layered through complex financial transactions involving group entities of the Alchemist Group. The funds were 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% and 37.24% respectively, by Sorus Agritech Private Limited, a company beneficially owned by Karan Deep Singh, son of Kanwar Deep Singh,” it said.
Published – July 24, 2025 01:24 am IST
