ED attached properties worth more than Rs.235 crores of the company owned by K D Singh, Trinmool Congress MP. ED’s action comes in the wake of a case it registered against Alchemist Infra Realty LLC on the basis of a prosecution complaint filed by the Securities and Exchange Board of India (SEBI) on March 3, 2016.
Investigations have revealed that funds mobilised by the Alchemist Infra Realty Ltd from various investors were never utilised for the purpose for which they were collected. The funds were transferred to the bank accounts of other group companies which were mainly paper companies from where they were systematically siphoned off by the accused and used to purchase properties at various locations in the country,
