New Delhi: The Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached shares worth Rs. 127.3 Crore in two immovable properties namely Alchemist Hospital and Ojas Hospital, located in Panchkula that are beneficially owned by Karan Deep Singh, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 on Thursday.
This attachment is part of an ongoing money laundering investigation involving M/s Alchemist Group, its directors, promoters, and associated entities, in relation to large-scale fraud and misappropriation of public funds, the ED has said in a release.
This pertains to an alleged ponzi scam to the tune of nearly Rs 1,900 crore. Money was raised from people with promises of high returns that never came. Thousands of people fell victim in Odisha from where nearly Rs 1,000 crore was raised by the scamsters.
Kanwar Deep Singh alias K D Singh was a Trinamool Congress MP. It was alleged that he used part of the proceeds to fund party activity. The ponzi scam was active between 2005 and 2013 and opened 250 offices in Odisha alone.
“ED initiated investigation on the basis of an FIR initially registered by the Kolkata Police, and subsequently by the Central Bureau of Investigation (CBI), ACB Lucknow, under Sections 120-B and 420 of the Indian Penal Code, 1860, against M/s Alchemist Township Pvt Ltd, M/s Alchemist Infra Realty Pvt Ltd, and promoter/directors of the Alchemist Group, including Kanwar Deep Singh and others,” it was mentioned in the statement.
“The case pertains to a large-scale criminal conspiracy to defraud investors by illegally raising funds through fraudulent Collective Investment Schemes (CIS), offering unusually high returns, and/ or making false promises of allotting plots, flats, and villas. Through these deceptive investment schemes, M/s Alchemist Holdings Ltd and M/s Alchemist Township India Ltd illegally collected approximately Rs. 1,848 Crore from unsuspecting investors and subsequently misappropriated the funds for unauthorized purposes,” it added.
ED investigation revealed that the misappropriated funds were systematically layered through complex financial transactions involving group entities of the Alchemist Group, with the intent to conceal the illicit origin of the funds. These tainted proceeds were ultimately used for the acquisition of shares and subsequent construction of Alchemist Hospital and Ojas Hospital.
The transactions were deliberately structured to project these assets as legitimate, thereby disguising the Proceeds of Crime (POC). The shares of Alchemist Hospital and Ojas Hospital are held to the extent of 40.93% and 37.23%, respectively, by M/s Placid Estate Pvt. Ltd, a company beneficially owned by Kanwar Deep Singh. The assets of Alchemist Hospital and Ojas Hospital as held by M/s Placid Estate Pvt Ltd valued at Rs 127.3 crore has been attached in the current provisional attachment order.
“Earlier in this case Kanwar Deep Singh was arrested by ED on 12.01.2021. Thereafter, a Prosecution Complaint was filed by ED before Special Court (PMLA), New Delhi on 02.03.2021 and two Supplementary Prosecution Complaint were filed on 19.07.2024 and 11.09.2025. ED has already provisionally attached movable and immovable properties worth Rs. 365.42 Crore through six separate Provisional Attachment Orders including the attachment of Alchemist Hospital and Ojas Hospital to the extent of 40.94% and 37.24% respectively as held by M/s Sorus Agritech Pvt Ltd,” it has been stated by the agency.
