ED attaches Rs 127-crore assets of Alchemist, Ojas hospitals

The Directorate of Enforcement (ED), Delhi Zonal Office, has provisionally attached shares valued at Rs 127.33 crore in two immovable properties — Alchemist Hospital and Ojas Hospital, both situated here. These hospitals are reportedly beneficially owned by Karan Deep Singh and have now been seized under the Prevention of Money Laundering Act (PMLA), 2002.

The attachment is part of a wide-ranging investigation into a major financial fraud and money laundering scheme involving the Alchemist Group, its promoters, directors and related entities. The ED’s probe was launched following an FIR by Kolkata Police, later transferred to the CBI’s Anti-Corruption Branch in Lucknow. The FIR was filed under Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code.

According to officials, the Alchemist Group was engaged in an extensive conspiracy to defraud the public by illegally raising funds through collective investment schemes (CIS). These schemes promised abnormally high returns or offered plots, flats and villas that were never delivered. Investigations revealed that M/s Alchemist Holdings Ltd. and M/s Alchemist Township India Ltd. collected nearly Rs 1,848 crore from unsuspecting investors, which was later diverted for unauthorised use.

The ED found that these illicit funds were laundered through a complex web of transactions across Alchemist group companies to obscure their origin. A significant portion was then invested in acquiring shares and constructing Alchemist and Ojas Hospitals. The two healthcare facilities are majority owned by M/s Sorus Agritech Pvt. Ltd., a company beneficially held by Karan Deep Singh, son of the group’s main promoter, Kanwar Deep Singh.

In a related development, Kanwar Deep Singh was arrested by the ED on January 12, 2021. A prosecution complaint was subsequently filed before the Special Court (PMLA), New Delhi, on March 2, 2021, followed by a supplementary complaint on July 19, 2024. To date, properties worth Rs 238.42 crore have been provisionally attached across five separate orders.

The ED confirmed that further investigation in the case is ongoing.

Chandigarh