ED Cracks Down on Alchemist Group: Massive Seizures and Allegations Unveiled

ED Cracks Down on Alchemist Group: Massive Seizures and Allegations Unveiled

In a significant development, the Enforcement Directorate (ED) has initiated a major crackdown on companies affiliated with the Alchemist Group, led by former Rajya Sabha MP Kanwar Deep Singh, in three states – Himachal Pradesh, Haryana, and Madhya Pradesh. The ED has seized assets worth ₹29.25 crore, including land and properties, as part of its ongoing probe into alleged financial irregularities and fraudulent practices.

The ED’s investigation has revealed startling details regarding the modus operandi of the Alchemist Group, particularly involving its investment schemes and real estate transactions. It has come to light that the group lured investors with promises of high returns on investments in flats, villas, plots, and offered lucrative interest rates, only to allegedly misappropriate funds amounting to over ₹1800 crore.

The ED’s probe has unearthed instances where the Alchemist Group purportedly transferred funds between various companies within its network, all under the guise of third-party transactions. Furthermore, the group allegedly acquired vast tracts of land under false pretenses, potentially concealing the true ownership of properties to evade scrutiny.

Moreover, the investigation has implicated the Alchemist Group in utilizing illicit funds to make payments to aviation companies on behalf of political entities associated with the All India Trinamool Congress (AITC), raising concerns about potential financial improprieties and illegal contributions.

In recent days, the ED has also seized assets amounting to ₹10.29 crore linked to the All India Trinamool Congress (AITC), indicating a possible nexus between the Alchemist Group and certain political entities.

The revelations stemming from the ED’s investigation have sent shockwaves across the political landscape, raising questions about the integrity of financial transactions involving prominent business conglomerates and their alleged ties to political parties. The crackdown on the Alchemist Group underscores the government’s commitment to rooting out corruption and ensuring transparency in financial dealings.

As the investigation progresses, authorities are expected to delve deeper into the intricate web of financial transactions, shedding light on the extent of alleged wrongdoing and holding those responsible accountable for their actions.

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