Police forms SIT to probe cheating case against Alchemist group

The Kolkata Police has formed a Special Investigation Team (SIT) to probe into a case against Alchemist group, a company owned by Rajya Sabha MP K D Singh. Cases under the Indian Penal Code (IPC) sections 420 (cheating), 406 (breach of trust), 409 (breach of trust by public servant, or by banker, merchant or agent) and 120 B (criminal conspiracy) have been started against Singh and two other directors Kumarjit Singh and Pawan Verma, a senior officer of Kolkata Police said.

A case has also been initiated against three companies of the Alchemist group, acting on complaints by investors lodged against the group at the Bowbazar police station on March 16, he said. There are allegations against the group of cheating of over Rs 2.53 crore, the officer said.

Incidentally, Singh’s name has also surfaced in the Narada sting operation case after Narada News CEO Mathew Samuel claimed that Singh had given him Rs 80 lakh for the sting operation.