Money Laundering Case: The Central Investigation Agency raided the premises of KD Singh and his people in Delhi and Chandigarh in September 2019 in two cases of money laundering.
Rouse Avenue Court of Delhi. (File photo)
Delhi’s Rouse Avenue Court on Tuesday granted bail to former Trinamool Congress (TMC) MP and businessman KD Singh in a money laundering case. Special CBI Judge Gitanjali Goyal granted bail to KD Singh with a bond of five lakh rupees. The Enforcement Directorate (ED) arrested KD Singh under the Prevention of Money Laundering Act (PMLA) (PMLA). He was a Rajya Sabha member of TMC in 2014. Recently, the same court took cognizance of the charge sheet in the case.
KD Singh was arrested by the Enforcement Directorate on 13 January in a money laundering case related to the alleged Rs 1,900 crore Ponzi scheme scam. The agency accused the 59-year-old founder of ‘Alchemist Limited’ of not cooperating in the investigation. Singh was produced before the court from where he was sent to the ED custody. He was sent to jail after completion of detention.
The Central Investigation Agency raided the premises of Singh and his associates in Delhi and Chandigarh in September 2019 in two cases of money laundering. Singh was the chairman of the pharmaceutical company ‘Alchemist Limited’ and resigned from the post in 2012. It is said that he is currently the “Emeritus Chairman” and founder of the business group. The ED is investigating against him in two cases.
The case was filed in the year 2016
The first case was filed on the basis of the FIR lodged by Kolkata Police and the second case was based on the charge sheet filed by market regulator SEBI. In the year 2108, the Kolkata Police had registered a case against Singh, his son Karandeep Singh, Alchemist Township India Limited, Alchemist Holdings Limited and other companies and directors for cheating thousands of consumers. At the same time, another case was registered against Singh and his company ‘Alchemist Infra Red Reality Limited’ in 2016.
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