India News | ED Attaches Rs 127 Worth Shares in Case Against Ex TMC MP
Get latest articles and stories on India at LatestLY. 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.
New Delhi, Jul 23 (PTI) 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.
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"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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)