ED’s big action, former TMC MP’s assets attached to chit fund scam

The Enforcement Directorate (ED) has attached shares worth Rs 127.33 crore of two hospitals owned by the Tinamool Congress (TMC) MP Kanwar Deep Singh in connection with the large -scale chit fund scam. The ED has temporarily attached shares of Alchemist Hospital and Ojas Hospital at Panchkula under the Money Laundering Prevention Act (PMLA), 2002. It is being told that these assets are owned by KD Singh’s son Karan Deep Singh. This action is part of the ongoing investigation into allegations of large -scale fraud and public money misuse by alchemist groups, its directors, promoters and concerned institutions.

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The ED investigation first began on the basis of an FIR lodged by the Kolkata Police and later a CBI’s Anti -Corruption Branch. The case is concentrated around the allegations stating that the alchemist group illegally carried out thousands of investors by collecting about Rs 1,848 crore through fake collective investment schemes (CIS). Companies wooed investors with more returns and false assurances of plots, flats and villas, but allegedly used this money for unauthorized objectives.

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According to the ED, the collected funds were gathered at several levels to hide their illegal sources through complex financial transactions between group companies. This money was eventually used to buy shares and build alcohol hospitals and Ojas Hospital, which the ED says that they were later introduced as a valid property to hide the income of the crime.