New Delhi: The money laundering probe into alleged large-scale fraud and misappropriation of public funds at Alchemist Group has revealed that the diversion of investors' money was done on the directions of a former Trinamool Congress member of Parliament Kanwar Deep Singh, the Enforcement Directorate (ED) has claimed.
The agency has recorded statements of directors of the group's various companies, including Alchemist Holdings (AHL) and Alchemist Township India (ATIL), from which funds raised from investors were allegedly diverted/siphoned off.
According to the ED, in their statements, recorded under Section 50 of the Prevention of Money-Laundering Act, 2002-which is admissible in a court of law-the directors said that the alleged diversion of investments made by investors was "done on the directions" of Singh.
The ED made this claim in its provisional attachment order issued last week, which was accessed by ET in which it has provisionally attached shares worth ₹127.3 crore in two immovable properties, namely Alchemist Hospital and Ojas Hospital, located in Panchkula and owned by Singh's son Karan Deep.
The ED said the aggregate unauthorised fund collections by AHL and ATIL total nearly ₹1,842 crore, constituting proceeds of crime. "This demonstrates a deliberate and systemic pattern of regulatory non-compliance by the Alchemist Group," it added.
The agency has recorded statements of directors of the group's various companies, including Alchemist Holdings (AHL) and Alchemist Township India (ATIL), from which funds raised from investors were allegedly diverted/siphoned off.
According to the ED, in their statements, recorded under Section 50 of the Prevention of Money-Laundering Act, 2002-which is admissible in a court of law-the directors said that the alleged diversion of investments made by investors was "done on the directions" of Singh.
The ED made this claim in its provisional attachment order issued last week, which was accessed by ET in which it has provisionally attached shares worth ₹127.3 crore in two immovable properties, namely Alchemist Hospital and Ojas Hospital, located in Panchkula and owned by Singh's son Karan Deep.
The ED said the aggregate unauthorised fund collections by AHL and ATIL total nearly ₹1,842 crore, constituting proceeds of crime. "This demonstrates a deliberate and systemic pattern of regulatory non-compliance by the Alchemist Group," it added.
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