The Enforcement Directorate (ED) has provisionally attached assets, worth Rs 239.29 crore and bank accounts of Alchemist Infra Realty in an ongoing investigation under the Prevention of Money Laundering Act (PMLA).
The attached properties are located in Chandigarh, Panchkula, Derabassi and at SAS Nagar in Punjab and Shimla in Himachal Pradesh.
The directorate, which handles financial crimes, had initiated investigation under provisions of PMLA against Alchemist Infra Realty, its sister companies and directors on the basis of a prosecution complaint filed by the Securities and Exchange Board of India (SEBI) at Patiala House court on March 18, 2016.
Investigation showed that Alchemist Infra Realty laundered funds through a web of companies. The funds mobilised from investors were never utilised for the purpose they were collected. They were transferred to bank accounts of fictitious companies and used to purchase properties at various locations across in the country.
Further investigations are under progress.
The Alchemist Group was founded by businessman-turned-politician K D Singh. It has presence in multiple sectors like healthcare, pharmaceuticals, food-processing, real estate, infrastructure and tea estates.
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