As per reports, the Enforcement Directorate (ED) has seized TMC MP KD Singh’s property worth Rs. 238 crores in connection with a Ponzi scheme case. The properties include a resort in Kufri and a showroom in Chandigarh apart from properties in Haryana as well.
https://twitter.com/ANI/status/1089753244652363776?ref_src=twsrc%5Etfw
The ED’s probe is connected to a case it had filed in September 2016, against Singh’s firm Ms Alchemist Infra Realty Limited under the Prevention of Money Laundering Act after taking cognizance of a charge sheet filed by SEBI against the company, its directors and others.
The company is accused of illegally starting a collective investment scheme without the approval of SEBI and collected funds of over Rs. 1900 crores from the public in the years leading up to 2015.
In February, last year, Singh was summoned by ED in connection with the case. It is alleged that he is the “main person” behind the alleged financial misconduct. Later in August, SEBI had claimed that Singh was trying to park 100 million dollars abroad and leave the country.
In 2015, the firm had told SEBI that it had refunded Rs. 1,077 crore after the market regulator’s investigation and sought more time to refund the rest, a request that was turned down by SEBI.
Agencies appear to be cracking the whip on those connected to chit fund cases. Recently, Chief of Shree Venkatesh Films Shrikant Mohta was arrested by the CBI in connection with the Rose Valley Chit Fund case. Earlier, the Enforcement Directorate (ED), which is also investigating the matter, had interrogated Trinamool Congress MP Tapas Pal for nine hours on Monday, in relation to the case.
The CBI has also recently filed a chargesheet against Nalini Chidambaram, wife of former union minister and Congress leader P Chidambaram, in the Saradha chit fund scam.