CBI books ex-TMC MP K D Singh in fresh case of cheating investors

The complainants have alleged that for as many as 1,000 investors these returns never came nor did they get any plot of land. When the investors began chasing company officials, the companies folded up in 2018, the FIR has alleged.

Other accused in the FIR are directors and other office bearers of the two companies.

Notably, the CBI FIR is based on a Bhadohi police FIR of 2020 which was registered after a court order. The complaint mentions that investors kept making rounds of the Bhadohi police station, but it would not register an FIR. Eventually, they had to knock on the doors of the court.

This is the second FIR registered by the CBI in connection with the affairs of the two companies in UP. Earlier, the CBI had registered a case based on an Azamgarh police FIR in 2022 against K D Singh and his son. The agency had then alleged that the companies floated by K D Singh promised investors returns up to 10 times of investment but many investors never got paid.

Notably, the ED has already been probing K D Singh’s companies in the same matter.

The ED had initiated its probe into the affairs of the Alchemist Group in 2018 based on FIRs registered by the Kolkata Police against K D Singh, his son Karandeep Singh, M/S Alchemist Township India Limited, M/S Alchemist Holdings Limited, and various other group companies and their directors for allegedly cheating thousands of customers and investors.

“Kanwar Deep (K D)Singh through companies namely, M/s Alchemist Township India Limited and M/s Alchemist Holdings Limited had raised huge amounts of money from thousands of customers in the garb of investments by luring them of high returns and also against sale/booking of plots and flats, etc. So far, the investigation has revealed that these funds raised from the public were not used for the intended purpose and were diverted/siphoned off to various group companies,” the ED had said then.

According to the agency, money collected from the people was ‘transferred in a circular manner in order to conceal and layer’. “Further, various web of entities involved in this process are having dummy directors. There directors have no idea to state the purpose for which the said money was being collected and transferred. The ED is also investigating one more case against M/s Alchemist Infra Reality Limited based on SEBI prosecution complaint and has attached property worth Rs 239.29 crore,” the ED statement had said.