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New Delhi, Oct 31 (IANS) The Enforcement Directorate (ED) has provisionally attached shares worth Rs 127.3 crore belonging to two hospitals – Alchemist Hospital and Ojas Hospital in Panchkula – as part of its ongoing money laundering probe into the Alchemist Group. The agency gave this information on Friday.
These properties are owned by businessman Karan Deep Singh. The order was issued by the Delhi zonal office of the ED on October 30, 2025, under the Prevention of Money Laundering Act (PMLA), 2002.
The action is related to the investigation into alleged large-scale financial fraud and misuse of public funds by the group’s promoters and related companies.
The ED initiated its investigation on the basis of an FIR lodged by the Kolkata Police, which was later taken up by the Central Bureau of Investigation (CBI), ACB Lucknow, against Alchemist Township Pvt Ltd under sections 120-B and 420 of the IPC. Ltd., Alchemist Infra Realty Pvt. Ltd., their directors, and former Rajya Sabha MP and group chairman Kanwar Deep Singh.
“This case pertains to a large-scale criminal conspiracy to defraud investors by illegally raising funds through fake Collective Investment Schemes (CIS), offering unusually high returns and/or making false promises of allotting plots, flats and villas,” the ED said in its press note.
The agency claims that Alchemist Holdings Ltd and Alchemist Township India Ltd raised around Rs 1,848 crore through these schemes, and misappropriated the funds for unauthorized use.
“The ED investigation revealed that the misappropriated funds were systematically hidden through complex financial transactions involving group entities of the Alchemist Group, with the aim of concealing the illicit origin of the funds,” the agency said.
“These tainted proceeds were ultimately used for the acquisition of shares and subsequent construction of Alchemist Hospital and Ojas Hospital. The transactions were deliberately structured to present these properties as legitimate, thereby concealing the Proceeds of Crime (PoC).”
According to the ED, the shares of Alchemist Hospital and Ojas Hospital are held by M/s Placid Estate Pvt Ltd to the extent of 40.93 per cent and 37.23 per cent respectively. Ltd., a company beneficially owned by Kanwar Deep Singh.
“The assets of M/s Placid Estate Pvt Ltd, Alchemist Hospital and Ojas Hospital, valued at Rs 127.3 crore, have been attached in the present provisional attachment order,” it said.
Furthermore, the ED said that it had earlier arrested Kanwar Deep Singh on January 12, 2021.
A prosecution complaint was filed on March 2, 2021, followed by two supplementary complaints in July 2024 and September 2025. So far, assets worth Rs 365.42 crore have been attached in the case through earlier orders, including shares of Sorus Agritech Pvt Ltd. Ltd. in the same hospitals.
Further investigation is underway.
–IANS
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