Rs 1,900-cr Ponzi scam

Former TMC MP held in money laundering case

Former TMC MP held in money laundering case

KD Singh

Tribune News Service

New Delhi, January 13

The Enforcement Directorate (ED) today arrested former TMC Rajya Sabha MP KD Singh under the Prevention of Money Laundering Act (PMLA) in a case linked to an alleged Rs 1,900-crore Ponzi scheme fraud.

The agency charged the 59-year-old founder of Alchemist Ltd with non-cooperation in the investigation. He was produced before a court here which sent him to the ED custody till January 16, sources said.

In September 2019, the ED had searched several premises linked to him and 14 companies of Alchemist Group related to and controlled by his son Karan Deep Singh in New Delhi and Chandigarh.

A number of documents reflecting circular nature of transactions, digital evidence and property papers were seized. A search at KD Singh’s Delhi residence had resulted in the recovery of Rs 32 lakh and foreign currency worth $10,000.

Investigation under the Prevention of Money Laundering Act was initiated by the ED in 2018 on the basis of FIRs registered by the Kolkata Police against KD Singh, his son, Alchemist Township India Limited, Alchemist Holdings Limited and various other companies and directors linked with the group for fraud.

According to the Enforcement Directorate, the ex-MP used his companies to raise huge amounts of money by promising high returns, but the money wasn’t used for intended purpose.

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