ED seizes over Rs 127 crore shares in Alchemist Group money laundering scam
According to the ED, the Alchemist Group defrauded thousands of investors by collecting over Rs 1,848 crore through illegal Collective Investment Schemes (CIS), falsely promising high returns and property allotments. The collected funds were subsequently syphoned off and laundered via a network of group companies to conceal their origin.Investigators have found that the laundered money was ultimately diverted to acquire shares and develop infrastructure in the two hospitals now seized. Sorus Agritech Private Ltd, a company controlled by Karan Deep Singh, holds 40.94 per cent in Alchemist Hospital and 37.24 per cent in Ojas Hospital.This latest seizure follows a series of actions in the case. Kanwar Deep Singh was arrested by the ED on January 12, 2021. The agency filed a prosecution complaint on March 2, 2021, and a supplementary complaint on July 19, 2024. So far, the ED has seized assets worth Rs 238.42 crore through five separate provisional orders.The financial probe agency has alleged that the entire operation was a textbook case of corporate fraud and laundering, wherein public funds were syphoned off under the guise of real estate investments, then disguised as legitimate through hospital infrastructure and equity investments.- EndsMust Watch
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