NEW DELHI, July 25 -- In a major action in the course of its continuing probe into financial irregularities concerning the Alchemist Group, the Enforcement Directorate (ED) has provisionally attached shares worth Rs 127.33 crore that are connected to two hospitals based in Panchkula-Alchemist Hospital and Ojas Hospital.
These premises are said to be under the beneficial ownership of Karan Deep Singh, son of ex- Rajya Sabha member Kanwar Deep Singh.
This asset seizure is part of a larger money laundering investigation into the Alchemist Group, its directors, promoters, and allied companies, official sources said.
The investigation is based on an FIR initially filed by the Kolkata Police and subsequently taken over by the Central Bureau of Investigation (CBI).
The ED's report indicates that the Alchemist group companies, including Alchemist Township Private
Limited and Alchemist Infra Realty Private Limited, hatched a huge scam.
The group is said to have cheated gullible investors by promising fictitious returns and false guarantees of allotting housing properties.
The probe has thus far found that around Rs 1,848 crore was raised illegally through the schemes.
The money was then purportedly diverted and channelled through a maze of intricate transactions involving several group entities in an attempt to conceal the source and actual application of funds.
The ED alleges the syphoned money was eventually invested in acquiring interests and financing the construction of Alchemist and Ojas hospitals.
These investments were strategically stacked in the group's financial structure to give them a sense of legitimacy.
Published by HT Digital Content Services with permission from Millennium Post.