Panchkula, July 24: The Enforcement Directorate has provisionally attached assets worth ₹127.33 crore in connection with a sweeping money laundering probe involving the Alchemist Group and its affiliated entities. The attached assets include shares in two Panchkula-based private hospitals — Alchemist Hospital and Ojas Hospital — which officials say are ultimately owned by Karan Deep Singh, son of the group’s main promoter, Kanwar Deep Singh.
The attachment, carried out by the ED’s Delhi Zonal Office, pertains to ongoing investigations under the Prevention of Money Laundering Act (PMLA), 2002. According to the agency, the two hospitals were funded using laundered proceeds derived from a massive financial fraud operation that duped thousands of investors.
“These shares were acquired using public money that was illegally raised and misappropriated,” an ED official said, adding that the assets are now under provisional attachment pending further legal proceedings.
The money laundering case stems from an FIR registered by the Kolkata Police, later handed over to the Central Bureau of Investigation (CBI) in Lucknow. The FIR invoked Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code.
Investigators allege that the Alchemist Group, operating under names such as M/s Alchemist Holdings Ltd. and M/s Alchemist Township India Ltd., ran unauthorized collective investment schemes (CIS) across the country. These schemes lured investors with false promises of high returns or property offers — plots, flats, and villas — that were never delivered.
“Almost ₹1,848 crore was illegally mobilized from unsuspecting investors,” the ED stated, noting that the funds were subsequently diverted and routed through a maze of shell companies and layered transactions. These funds were then used to acquire shares and develop infrastructure for Alchemist and Ojas Hospitals.
The ED also confirmed that the hospitals are majority owned by M/s Sorus Agritech Pvt. Ltd., a company beneficially controlled by Karan Deep Singh. His father, Kanwar Deep Singh, who was previously a Rajya Sabha member, was arrested by the agency on January 12, 2021. He is currently facing prosecution, with the ED having filed a complaint before the Special Court (PMLA), New Delhi, on March 2, 2021, followed by a supplementary complaint on July 19, 2024.
So far, the agency has provisionally attached assets worth ₹238.42 crore through five separate orders issued under the PMLA.
“Further investigation is ongoing to trace additional proceeds of crime and identify other beneficiaries,” an ED official added.
