Seizure of Rs 127.33 crore worth of shares in hospitals located in Panchkula, owned by the son of a former Rajya Sabha MP, carried out by the Enforcement Directorate.
The Enforcement Directorate (ED) has taken further action in its ongoing investigation into money laundering involving the Alchemist Group, its directors, promoters, and associated entities. The probe was initiated following a First Information Report (FIR) registered by the Kolkata Police and subsequently by the Central Bureau of Investigation (CBI).
The investigation centres around a large-scale financial scam using deceptive investment schemes. The Alchemist Group, allegedly, illegally collected about Rs 1,848 crore from investors through these schemes. The misappropriated funds were systematically layered through complex financial transactions involving group entities of the Alchemist Group to disguise their illicit origin and were ultimately used to acquire shares and construct Alchemist Hospital and Ojas Hospital, Panchkula-based hospitals owned by Karan Deep Singh.
Kanwar Deep Singh, a key promoter, was arrested by the ED on January 12, 2021. Prosecution complaints under the Prevention of Money Laundering Act (PMLA) were filed in March 2021 and supplemented in July 2024. The ED has provisionally attached movable and immovable assets worth Rs 238.42 crore through five orders.
Recently, on July 23, 2025, the ED attached shares valued at Rs 127 crore in these Panchkula hospitals. The shares of Alchemist Hospital and Ojas Hospital are held to the extent of 40.94% and 37.24%, respectively, by M/s Sorus Agritech Pvt Ltd, a company beneficially owned by Karan Deep Singh, son of Kanwar Deep Singh.
The current status as of late July 2025 is that the investigation is ongoing, with further probes continuing into the financial irregularities and layering of illegally obtained funds. The attached assets include shares in hospitals and other properties, aimed at confiscating the proceeds of crime as per the PMLA provisions.
This case illustrates the use of fraudulent schemes converting illegal funds into ostensibly legitimate assets like hospital shares and real estate, which the ED is actively dismantling under money laundering laws. The investigation is part of an ongoing effort to combat financial crimes and the misappropriation of public funds.
### Timeline Summary: - **Initial FIR**: Registered by Kolkata Police (date unspecified). - **Subsequent FIR**: By CBI. - **Jan 12, 2021**: Kanwar Deep Singh arrested by the ED. - **Mar 2, 2021**: First prosecution complaint filed by the ED. - **July 19, 2024**: Supplementary prosecution complaint filed. - **July 23, 2025**: ED attaches Rs 127 crore worth of shares in Alchemist and Ojas Hospitals. - **Ongoing**: Further investigation and asset attachment in progress.
- The ongoing investigation by the Enforcement Directorate (ED) into money laundering involving the Alchemist Group and its associates extends to the realm of financial news, politics, and crime-and-justice, as it centers around a large-scale financial scam.
- The Alchemist Group, under scrutiny for its involvement in a deceptive investment schemes scandal, has allegedly amassed illegal funds amounting to Rs 1,848 crore, a part of which was used for building Alchemist Hospital and Ojas Hospital, as per general-industry news.
- The ED's efforts to combat financial crimes and misappropriation of public funds are evident in the recent attachment of shares worth Rs 127 crore in Panchkula hospitals, as reported in the business sector, marking a significant move in the investigative process.
