New Delhi, Enforcement Directorate (ED) has provisionally attached assets worth Rs 239.29 crore of TMC MP KD Singh owned Alchemist Infra Realty Ltd in connection with the ponzi scheme case, the officials confirmed here on Monday.
The central financial probe agency has attached properties located in Chandigarh, Panchkula, Derabassi, SAS Nagar(Punjab), Shimla and also bank accounts in HDFC bank in an ongoing investigation under Prevention of Money Laundering Act (PMLA).
ED’s moves come after the registration of prosecution complaint filed by Securities and Exchange Board of India (SEBI) in Delhi’s Patiala House, Delhi against Alchemist Infra Realty Ltd and its Directors on March18, 2016 under money laundering provisions.
Investigation so far, has revealed that the ‘Proceeds of Crime’ generated by Alchemist Infra Realty Ltd. laundered through the web of companies.
“The investigations also revealed that the funds mobilised by Alchemist Infra from various investors were never utilised for the purpose for which they were collected and the same 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”, the probing agency said.