In the course of looking into allegations of money laundering, the Directorate of Enforcement (ED), Delhi has placed movable and immovable properties worth Rs. 29.45 crore that belong to Alchemist group firms under temporary attachment. The properties that are attached include a Beech King Air C90A aircraft, apartments, and land located in the districts of Katni (Madhya Pradesh), Sirmaur (Himachal Pradesh), and Shimla. The leader of the Alchemist group is Kanwar Deep Singh, a former AITC and Rajya Sabha member.
In the Parsvnath Royale Project in Panchkula, Haryana, a total of eighteen apartments that Alchemist Realty Ltd. had acquired have been temporarily attached by ED. Additionally, a parcel of land located in Keonthal, Shimla Rural district, and Sirmaur district, Himachal Pradesh, comprising around 250 bighas and 78 bighas, respectively, has been attached.
The ED opened an inquiry based on formal complaints (FIRs) against many Alchemist Group individuals and group entities filed by the CBI, Lucknow; Kolkata Police; and UP Police under different sections of the Indian Penal Code, 1860.
The ED investigation found that M/s Alchemist Group obtained funds totalling more than Rs. 1800 Crore from investors and victims in its companies, M/s Alchemist Holdings Limited and M/s Alchemist Township India Limited, under the false pretence of offering high returns and providing the general public, investors, and victims with flats, villas, plots, and high rates of interest on the investments. However, the money was siphoned off or redirected to different Alchemist Group group firms, and the investors and general public were never given their money back.
The ED investigation also showed that the Alchemist group had established a variety of businesses in different industries to buy properties with the money it got from investors and victims by making false promises. It has also come to light that the Alchemist organization bought substantial land holdings under false pretences in order to conceal and disguise the true ownership of these assets.
The All India Trinamool Congress (AITC) party’s Rs. 10.29 crore was also recently linked by the ED to the case. Alchemist Group had paid aviation businesses on behalf of AITC using the money they made from crime. Additional research is currently being conducted.
