New Delhi, Oct 31 (UNI) The Enforcement Directorate (ED) has attached shares worth Rs. 127.3 crore in two immovable properties—Alchemist Hospital and Ojas Hospital in Panchkula—beneficially owned by Karan Deep Singh.
This action is part of an ongoing money laundering investigation into M/s Alchemist Group, its directors, promoters, and associated entities concerning large-scale fraud and the misappropriation of public funds.
The ED initiated its investigation based on a First Information Report (FIR) originally registered by the Kolkata Police and later taken up by the Central Bureau of Investigation (CBI), ACB Lucknow.
The FIR was filed under Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code against Alchemist Township Pvt. Ltd., Alchemist Infra Realty Pvt. Ltd., and the promoters/directors of the Alchemist Group, including Kanwar Deep Singh.
The case involves a major criminal conspiracy to defraud investors by illegally raising funds through fraudulent Collective Investment Schemes (CIS). The schemes promised unusually high returns or falsely guaranteed the allotment of plots, flats, and villas.
Through these deceptive practices, M/s. Alchemist Holdings Ltd. and M/s. Alchemist Township India Ltd. illegally collected approximately Rs. 1,848 crore from unsuspecting investors and subsequently misappropriated the funds for unauthorized purposes.
The ED’s investigation revealed that the misappropriated funds were systematically layered through complex financial transactions involving various entities within the Alchemist Group. This was done to conceal the illicit origin of the money.
The tainted proceeds were ultimately used to acquire shares and fund the construction of Alchemist Hospital and Ojas Hospital. These transactions were deliberately structured to project the assets as legitimate, thereby disguising the Proceeds of Crime (PoC).
The shares of Alchemist Hospital and Ojas Hospital are held to the extent of 40.93 percent and 37.23 percent, respectively, by M/s Placid Estate Pvt. Ltd., a company beneficially owned by Kanwar Deep Singh. The ED’s current provisional attachment order covers these assets, valued at Rs. 127.3 crore.
Kanwar Deep Singh was previously arrested by the ED in 2021. A Prosecution Complaint was filed before the Special Court (PMLA) in New Delhi that same year, followed by two Supplementary Prosecution Complaints in 2024 and 2025.
To date, the ED has provisionally attached movable and immovable properties worth Rs. 365.42 crore through six separate orders, including the earlier attachment of shares in the same hospitals held by another entity, Sorus Agritech Pvt Ltd.
Further investigation is underway.
