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ED Attaches ₹127 Crore of Hospital Shares in Alchemist Money Laundering Probe

The move deepens a PMLA investigation into an alleged ₹1,900 crore Alchemist Group fraud.

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The shares were seized as part of the ongoing probe against the Alchemist Group
Alchemist Group founder Kanwar Deep Singh. Kanwar Deep represented the Trinamool Congress in the Rajya Sabha from 2010 to 2014. He is no longer associated with the party. (HT)
ED news

Overview

  • On July 23, the ED provisionally attached shares valued at ₹127.33 crore in Alchemist Hospital and Ojas Hospital under PMLA provisions.
  • The attached equity stakes are held by Sorus Agritech Private Ltd, a company beneficially owned by Karan Deep Singh, son of former MP Kanwar Deep Singh.
  • Investigators allege that funds raised through alleged Ponzi-style collective investment schemes were layered through Alchemist Group entities and diverted into hospital projects.
  • The case originated from FIRs filed by Kolkata Police and the CBI and has yielded two chargesheets alongside earlier provisional attachments totaling ₹238.42 crore.
  • Former two-term TMC Rajya Sabha MP Kanwar Deep Singh was arrested in January 2021 and remains subject to ongoing asset-tracing and recovery efforts.