New Delhi, Oct 31 : The Enforcement Directorate (ED) has provisionally attached shares worth Rs 127.3 crore linked to two hospitals - Alchemist Hospital and Ojas Hospital in Panchkula - as part of an ongoing money laundering probe involving the Alchemist Group, the agency said on Friday.  

The properties are beneficially owned by businessman Karan Deep Singh. The order was issued by the ED's Delhi Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, on October 30, 2025.

The action is connected to a probe into alleged large-scale financial fraud and misappropriation of public funds by the group's promoters and associated companies.

The ED initiated its investigation based on an FIR registered by Kolkata Police, which was later taken up by the Central Bureau of Investigation (CBI), ACB Lucknow, under Sections 120-B and 420 of the IPC against Alchemist Township Pvt. Ltd., Alchemist Infra Realty Pvt. Ltd., their directors, and former Rajya Sabha MP and group chairman Kanwar Deep Singh.

'The case pertains to a large-scale criminal conspiracy to defraud investors by illegally raising funds through fraudulent Collective Investment Schemes (CIS), offering unusually high returns, and/ or making false promises of allotting plots, flats, and villas,' ED said in its press note.

The agency claims that Alchemist Holdings Ltd. and Alchemist Township India Ltd. raised approximately Rs 1,848 crore through these schemes, siphoning the money for unauthorised use.

'ED investigation revealed that the misappropriated funds were systematically layered through complex financial transactions involving group entities of the Alchemist Group, with the intent to conceal the illicit origin of the funds,' the agency said.

'These tainted proceeds were ultimately used for the acquisition of shares and the subsequent construction of Alchemist Hospital and Ojas Hospital. The transactions were deliberately structured to project these assets as legitimate, thereby disguising the Proceeds of Crime (POC),' it further added.

According to the ED, the shares of Alchemist Hospital and Ojas Hospital are held to the extent of 40.93 per cent and 37.23 per cent, respectively, by M/s Placid Estate Pvt. Ltd., a company beneficially owned by Kanwar Deep Singh.

'The assets of Alchemist Hospital and Ojas Hospital as held by M/s. Placid Estate Pvt. Ltd, valued at Rs 127.3 crore, has been attached in the current provisional attachment order,' it said.

In addition, the ED noted that it had previously 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 held by Sorus Agritech Pvt. Ltd. in the same hospitals.

Further investigation is underway.

/IANS