The Enforcement Directorate (ED) has attached shares worth Rs 127.33 crore in two hospitals owned by entities linked to former Trinamool Congress (TMC) MP Kanwar Deep Singh in connection with large-scale chit fund scam cases.

ED provisionally attached shares in Alchemist Hospital and Ojas Hospital, both located in Panchkula, under the Prevention of Money Laundering Act (PMLA), 2002. The properties are said to be beneficially owned by Karan Deep Singh, son of KD Singh.

The action is part of an ongoing probe into allegations of massive fraud and misappropriation of public funds by the Alchemist Group, its directors, promoters, and related entities.

The ED’s investigation began on the basis of an FIR registered first by Kolkata Police and later by the CBI’s Anti-Corruption Branch in Lucknow.

The case centres around allegations that the Alchemist Group defrauded thousands of investors by illegally raising about Rs 1,848 crore through fraudulent Collective Investment Schemes (CIS). The companies lured investors with promises of high returns and false assurances of plots, flats and villas, but allegedly diverted the money for unauthorised purposes.

According to the ED, the funds collected were layered through complex financial transactions among group companies to hide their illicit origins. The money was ultimately used to acquire shares and build Alchemist Hospital and Ojas Hospital, which the ED says were then projected as legitimate assets to disguise the proceeds of crime.

The probe found that M/s Sorus Agritech Pvt. Ltd., a company beneficially owned by Karan Deep Singh, holds 40.94% shares in Alchemist Hospital and 37.24% in Ojas Hospital.

KD Singh was arrested by the ED on January 12, 2021. The agency filed a Prosecution Complaint before a Special PMLA Court in New Delhi on March 2, 2021, and a supplementary complaint on July 19, 2024.

So far, the ED has provisionally attached movable and immovable assets worth Rs 238.42 crore in this case through five separate orders.

– Ends