In a recent development from New Delhi, the Enforcement Directorate (ED) has taken action by provisionally attaching both movable and immovable assets totaling Rs 29.45 crore, believed to be owned by entities within the Alchemist group, as part of an ongoing investigation into suspected money laundering activities. The Central investigative agency asserted its claim on Saturday.
The assets under attachment encompass a diverse range, including an aircraft identified as the Beech King Air C-90A, as well as residential and land holdings located across several regions, notably in Himachal Pradesh’s Shimla and Sirmaur districts, Madhya Pradesh’s Katni, and Haryana’s Panchkula district. These properties are linked to The Alchemist group, presided over by former AITC Rajya Sabha MP Kanwar Deep Singh, according to a communication issued by the ED.
The ED disclosed that a total of 18 residential units, acquired by Alchemist Realty Ltd within the Parsvnath Royale Project situated in Panchkula, Haryana, have been provisionally seized. Additionally, land parcels covering approximately 250 bighas and 78 bighas in Keonthal, Shimla Rural district, and Sirmaur district, Himachal Pradesh respectively, have been included in the attachment.
The investigations were set in motion by the ED following the lodging of FIRs under various sections of the IPC against multiple individuals and group entities associated with the Alchemist Group, as initiated by agencies such as CBI, Lucknow, Kolkata Police, and Uttar Pradesh Police.
The ED’s inquiries have purportedly unearthed a scheme where the Alchemist Group purportedly amassed funds exceeding Rs 1800 crore from investors in its subsidiaries, including Alchemist Holdings Limited and Alchemist Township India Limited, under the guise of promising substantial returns and real estate assets at lucrative rates of interest. However, investors purportedly never received their returns, with the funds allegedly diverted to various other group entities, according to assertions made by the investigating agency.
Furthermore, it has emerged that the group allegedly established numerous enterprises across diverse sectors to procure properties using the proceeds obtained through fraudulent means. Additionally, substantial tracts of land were purportedly acquired by the Alchemist group under the guise of third-party ownership, ostensibly to obfuscate the true ownership of said assets.